Expecting to pop the question—or answer the question—this Valentine's Day? The tax benefits of marriage are most likely are the furthest thing from your mind.
But personal finances loom large in married couples' lives. And here's the good news: Married couples get some nice perks in the tax arena. So to add to all the marital blessings that await you, here are a few tax benefits to savor:
Learn how to qualify for financial help if you're married but have to file separately. And check our tax guide for tips on preparing your tax return and saving money on your taxes.
Where couples suffer from a "marriage penalty" is when both spouses have income that is just about the same. In that case, they may want to file separately. "Newlyweds should try it both ways to see what works best," says Mary Kay Foss, a CPA with Sweeney Kovar, accountants and advisers in Danville, Calif.
But getting married has tax pitfalls as well. For instance, filing jointly leaves you on the hook financially if your spouse turns out to owe. In extreme cases, spouses who claim they knew nothing about a partner's financial can file for "innocent spouse relief" with the IRS.
But let's hope it doesn't come to that. Before you walk down the aisle, have some frank conversations with your spouse-to-be. One study showed that married couples' early arguments about money were a top predictor of divorce. Get on the same page about taxes and other money topics now to ensure a happy, long marriage together.
—Tobie Stanger (@TobieStanger on Twitter)
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