If you were married in 2022, congratulations! As the honeymoon phase starts to wind down and real life kicks in, however, you might be left with some questions, especially when it comes to filing taxes before the April 18 deadline.
See: 4 Reasons You Should Cancel Amazon Prime
Read: 3 Ways Smart People Save Money When Filing Their Taxes
Find: How 2023 Recession Will Differ From 2008 and How You Should Prepare Differently
For example, should you say “I do” to filing individually or jointly? If it’s your first year navigating the IRS as a couple, there are some things to consider to weigh the benefits and negatives of each scenario.
The Option to File Jointly vs. Individual
One of the first things you’ll need to do when filing is to choose what your filing status will be. If you are married, you can choose to file jointly in which yours and your spouse’s income are combined. However, you still have the choice of filing individually if you prefer.
For most people, married filing jointly will be the best choice and will save money on taxes. Married filing separately typically means you’ll lose certain so-called “marriage bonuses.” There are some exceptions, however, when filing separately will result in a larger return.
One interesting thing about getting married and filing your taxes is that if your nuptials took place at the end of 2022, even on Dec. 31, you’re still considered married for the entire year and will need to adjust your taxes as…
