Your incomes are combined. If one of you doesn't work or makes less than $8750, then the one with a higher income gets to use up what's left of your exemption and deduction amounts.
In one income households, this can lower the tax bill a lot.
In two income households where both make a decent incomes, probably no difference.
With lots of kids, if the combined income is over $40K, it can actually be a tax penalty as there wouldn't be any EIC.What are the tax benefits for being married?
You get to claim a higher deduction and are allowed to make more money and still qualify for credits. Having kids makes the biggest difference!What are the tax benefits for being married?
more write offs for tax time and you quailfy for so much more.
Married couples standard deduction is $10,700.
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