How to Debate Filing Taxes as Single vs. Married

Newlyweds often debate filing taxes as single versus married. Couples, especially those who take wedding vows on the last calendar day of the year, wonder which filing status gives them the greatest advantages. The Internal Revenue Service answers this question clearly. Married people must file as married. The debate then becomes married filing separately versus married filing jointly.

Difficulty: Moderate

Instructions

1. Understand the tax benefits of filing as single versus married before getting married. Carefully review IRS Filing Status. Pay particular attention to the sections entitled "Single," "Married Filing Jointly" and "Married Filing Separately."

2. Determine if the advantages of filing as a single person outweigh those of filing as married people. Consider postponing the wedding until the following year if both the bride and groom get greater tax benefits by filing as single.

3. Seek advice from a tax consultant. Meet with the adviser at the onset of wedding plans to outline the tax-related pros and cons impacted by marriage. Press the consultant for detailed information about how to obtain the best tax benefits.

4. Stay away from doing anything illegal such as continuing to file as a single person when married. Fines or penalties often await those audited by the IRS because of misrepresentation on a tax return.

5. Talk to the bride or groom prior to tying the knot. Share opinions on the debate of filing taxes as single versus married. Use the conversation as a catalyst to discuss other items such as personal debt, individual investments and other assets or liabilities.