Getting married is an exciting time for you, your new spouse, and your friends and family. It also tends to bring about some big changes—in everything from your living situation to how you go about tax planning. The guide below looks at the latter consequences of tying the knot.

How Does Filing Taxes Change After Marriage?

1. Tax Preparation Is More Convenient

Married couples filing jointly are only obligated to complete a single tax return. Doing so is a lot more convenient and less time-consuming overall. If you have your taxes prepared by an accountant, it can also be less expensive to complete one return instead of two. 

2. You Get a Higher Standard Deduction 

Standard deductions allow you to earmark some of your income as tax-free to help you cover living expenses. The allowable standard deduction for couples is higher than the standard deductions for single people. For example, in 2019 single filers are privy to a $12,200 standard deduction, while married couples will receive $24,400 when filing jointly. 

3. Marriage Decreases Estate Tax

For people with considerable wealth, estate taxes can take a huge chunk of the assets that you leave behind after your passing. To negate this, spouses are permitted to leave the sum of their estate to their husband or wife without generating any estate taxes according to federal laws. Keep in mind that state laws may vary.

4. Higher IRA Phaseout Limits

Income phaseout limits for IRA contributions are much higher for married couples than they are for single filers. People married filing jointly can earn $103,000 and make a full deduction up to the amount of the contribution limit, while single filer’s phaseout begins at $64,000.

Hiring an accountant for tax planning can help you navigate the changes that come after marriage. In Lincoln, NE, PMC Tax Services LLC has helped locals with their tax questions since 1989. No matter your financial situation or marital status, they’ll look for ways to lower your overall tax burden to boost your refund. They also provide accounting assistance to local businesses, including payroll and bookkeeping services. Call (402) 467-5529  to schedule an appointment or learn more about their services online.