The tax benefits of staying single

Posted on Sep 26, 2017

Image courtesy of Ben Schonewille at freedigitalphotos.net

Have you ever heard of the marriage penalty? It means you could be taxed more as a married couple than you would as single people making the same amount of money. This is because single filers almost always have higher income thresholds when moving to higher tax brackets. Personal exemptions and itemized deductions can also phase out more quickly for married couples than for single filers.

The marriage penalty might not be a reason to skip matrimony, but it could motivate you to find out more about how taxes may change for you and yours.

Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.

Share