Married couples are able to file joint income tax returns with the IRS and state taxing authorities. As of 2013, joint filing provides married taxpayers with a standard deduction of $12,200, or twice that of individual filers. Another tax benefit of marriage is that it creates a “family partnership” under federal tax laws, which allows the couple to divide business income among family members.Know More
Married taxpayers also benefit by picking and choosing deductions and write-offs that one of them is entitled to. Working couples may also pick the most valuable employee benefits from their two plans. The right mixture of tax benefits from two employee benefit plans increases a couple’s tax savings in a variety of ways.
Married couples also receive greater charitable contributions deductions than individual taxpayers. If a spouse makes a considerable charitable contribution but does not have income of at least double the contribution amount, the excess contributions carry over to the following year.
In addition to these tax benefits, married couples also enjoy a streamlined tax filing process. Spouses filing one tax return satisfy both individual’s tax obligations with one filing and one fee.
In some cases, filing separate tax returns when married lowers the tax burden as a whole, especially if one spouse has experienced large medical bills in the previous year.Learn more about Income Tax
Taxpayers can claim an unlimited number of dependents on their tax returns as long as the dependents meet certain qualifications. Dependents must be citizens or residents of the United States, the taxpayer must be the only person claiming them, and the dependent must not be filing a joint return.Full Answer >
As of 2014, taxpayers must file federal tax returns if their gross income exceeds a certain level based on their filing status or if special circumstances apply. Special circumstances require filing regardless of income and include self-employment, owing recapture taxes, and having income from tips or distributions from certain tax-advantaged accounts.Full Answer >
The deadline for individuals to file their tax returns for 2014 is April 15, 2015. April 15 is typically the final date for individuals to file their returns in any given year.Full Answer >
The earned income credit, also known as the EIC, earned income tax credit or EITC, is a tax credit for low-income filers who also have earned income. Filers who do not meet the income guidelines or who do meet the guidelines but only have unearned income are not eligible to take the credit. There is also an investment income limit, even if the filer's total income meets the guidelines.Full Answer >