You might be aware of many benefits of being married, let us tell you some tax advantages of marriage.
Your Spouse can help you gain tax deductions
If you are earning higher income, and your spouse is earning a lower income the lower income records can help you to be in a lower tax bracket. In business if one spouse is losing money he/she may take advantage of some deductions.
Take advantage of Individual retirement account (IRA) if one of the partners is jobless
Even if one of you are jobless, you might still contribute in household income by getting the benefit from IRA. IRA benefits are higher for married couples than for the individuals.
They can choose the best benefit package
If both the partners are working, and both are offered the benefit packages, then they can evaluate the benefits and chose the one which gives them greater advantage. The right mixture of the benefit program can increase the tax savings of the couple.
Enjoy greater charitable contribution deductions
There is a specific limit to the amount of deductions a person can get. This limit can increase if the case if filed by both partners together.
Marriage prevents Estate taxes
A wealthy person can get benefit from being married. He can transfer any property or asset to his wife without generating estate tax, so this exemption protects the deceased’s estate until the spouse dies.
It is easy to file the tax returns
It is not necessary that both partners fill separate returns; they can file one tax return. This saves time and need less paper work.
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