Wedding Bells? Marriage and Taxes.
Mar 08, 2016
Getting married in 2016? While you’re talking over your wedding plans, you may want to discuss something else that’s important: your income taxes.
Tax withholding. You will have a choice of whether to have taxes withheld from your pay at the married or higher single rate. You should also take into account your family income and any dependents. The withholding calculator on the IRS website can help you make the decision.
Tax-filing status. Married filing jointly generally provides the greatest benefit to both spouses. However, there may be circumstances when married filing separately is a better option. Ask your tax preparer for help.
Your expectations. Do you want to break even, get a refund, or owe a little at tax time? Talk to your future spouse about a withholding strategy that will work for both of you. Just be sure you have enough tax withheld to avoid a penalty.
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