Will marriage increase or decrease my tax return.?

Question

I live in Ohio and we have a new baby. If we wed before the end of the year will it matter?

Answer 1

Decrease. The marriage penalty will get you and if your wife works, her added income may bump you up into a higher tax bracket.

Answer 2

The tax return is the thing you file with the IRS or the state tax department that lists your income, exemptions, deductions, etc. used to calculate your tax. If you get married and file a joint return, the total income will increase but so will the deductions and exemptions. For the most part, your tax liability will be similar to what it was when you were two single taxpayers. It may go up or down a bit but generally won't change very much.

Answer 3

Without knowing more about your situation, including both of your incomes, it's not possible to say. Depending on your situation, marriage could either increase or decrease your total taxes, or they might be the same either way.

Answer 4

Really, it depends on how much money you make. The tax is lower if you are married filing joint, but there are a few advantages to being unmarried with a child. However, usually being married provides the most tax benefits.

Answer 5

i assume the GOP might desire to have concept approximately slicing spending to pass alongside with those tax cuts. Then, we would not be in this mess immediately. u . s . a . is now broke because of the uncontrolled GOP spending for the time of those years in capability. GOP had Congress from 1994-2006. Bush had WH from 2000-2008. Tax costs are at their lowest levels in lots of years. Time to pay the piper till u . s . a . economically recovers. i won't purchase into the GOP tax minimize hate/concern recreation as a thank you to get my vote anymore. it somewhat is basically a trick.

Answer 6

the tax return after my husband and I got married, our return was less than I got by myself, but then went up the following year. we have three children