Once you tie the knot, the IRS recognizes you as “married” for the entire tax year, even if you exchange vows on December 31st. This means you’ll need to decide whether to file as married filing jointly or married filing separately when tax season rolls around.

At Springhill Tax Services, we understand how personal these decisions can be. Let’s break down both options and how they might apply to your unique situation.

Married Filing Jointly: The Power of Partnership

Filing jointly means you and your spouse combine your incomes, deductions, and credits into one tax return. For most couples, this option leads to lower taxes and greater access to valuable tax breaks. Here’s why many Springhill clients choose to file jointly:

• Higher Standard Deduction: In 2024, married couples filing jointly can claim a standard deduction of $29,200, compared to $14,600 for those filing separately.
• Access to More Tax Credits: Couples filing jointly may qualify for:
• Child and Dependent Care Credit: Up to $2,100 for two or more dependents.
• Earned Income Tax Credit (EITC): Up to $7,830 for families with three or more children.
• American Opportunity Tax Credit: Up to $2,500 per student for college expenses.
• Lifetime Learning Credit: Up to $2,000 per tax return.
• Faster Refunds: If you’re owed a refund, you can split it across multiple bank accounts, receive multiple checks, or use a combination of both.

Consider this: While filing jointly often leads to savings, both spouses share responsibility for any taxes owed, including penalties or interest. Our team at Springhill can walk you through this to ensure you’re making an informed decision.

Married Filing Separately: Protecting Your Interests

While less common, some couples benefit from filing separately, especially if their financial situations are complex. By filing two separate tax returns, each spouse reports their individual income, deductions, and credits. However, this approach limits access to certain tax benefits.

You might consider filing separately if:

• Student Loan Repayment: If you’re on an income-driven repayment plan, filing separately might lower your monthly payments.
• High Medical Expenses: If one spouse has significant medical expenses, filing separately can help qualify for the 7.5% adjusted gross income (AGI) threshold for medical deductions.
• Liability Protection: If your spouse owes back taxes, child support, or has outstanding debts, filing separately ensures your refund isn’t applied to their obligations.

Springhill Tip: Remember, if one spouse files separately, both must do the same—you can’t mix and match filing statuses.

Which Filing Status Is Right for You?

Choosing between married filing jointly and separately depends on your unique financial situation. Most couples benefit from filing jointly, thanks to lower tax rates and access to more credits. However, specific circumstances—like student loans or significant medical expenses—might make separate filing worthwhile.

At Springhill Tax Services, we believe taxes shouldn’t be a source of stress. We’re here to help you navigate these choices with personalized advice, ensuring you maximize your refund while staying compliant with IRS regulations.

Newly married? Recently changed your filing status? Schedule a consultation with our friendly team today, and let’s make tax season less taxing!

📞 **Call us at (347)701-5963
🌐 **Visit us at www.springhillinc.com
💌 **Email us at: Aviv@springhillinc.com

Because at Springhill, we believe life—and taxes—are better when shared.