{"id":18593,"date":"2019-07-09T16:56:08","date_gmt":"2019-07-09T20:56:08","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=18593"},"modified":"2023-06-06T09:22:27","modified_gmt":"2023-06-06T14:22:27","slug":"the-financial-benefits-of-marriage","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/","title":{"rendered":"What Are the Financial Benefits of Marriage?"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">When you get married life as you know it begins to change and mostly for the better.\u00a0 Saying \u201cI do\u201d can help you live longer, sleep better and you\u2019re less likely to be depressed.\u00a0 <a href=\"https:\/\/en.wikipedia.org\/wiki\/Marriage\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Marriage (opens in a new tab)\">Marriage<\/a> also comes with numerous financial benefits including special discounts and money-saving opportunities.\u00a0 Let\u2019s look at how tying the knot can positively impact your finances.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>You have someone to split the bills with<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">When you live alone, you\u2019re responsible for paying all the bills.\u00a0 Housing, groceries and utilities are all on you.\u00a0 An obvious financial benefit of marriage is that you don\u2019t have to do it by yourself anymore.\u00a0 Since both parties will be calling the place home you can start sharing the costs.\u00a0 If dividing the bills 50\/50 doesn\u2019t work, you can always split the bills proportional to income.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>You\u2019ll save money on car insurance<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Married people are considered to be safer drivers and less likely to get into accidents than their single counterparts.\u00a0 Therefore, they\u2019re rewarded with lower insurance rates.\u00a0 If both partners have good driving records, they can save even more money by combining policies.\u00a0 Most insurance companies offer a multi-car discount for having all your vehicles on the same policy.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>You can claim your spouse\u2019s Social Security benefits<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Nine out of ten adults age 65 or older receive Social Security benefits.\u00a0 Typically, you earn credits for working and paying Social Security taxes.\u00a0 Once you have 40 credits which is the equivalent of working 10 years, you can qualify for retirement benefits.\u00a0 As a married person you have the option of claiming your own benefit or up to half of your spouse\u2019s full retirement amount.\u00a0 This is can be extremely beneficial for those who have never worked or earn significantly less than their spouse.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Nonworking spouses can open an IRA<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Usually you can\u2019t contribute to an <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#individual401k\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"IRA (opens in a new tab)\">IRA<\/a> if you don\u2019t earn any money.\u00a0 However, getting married is a game changer.\u00a0 The working spouse can contribute to an IRA on behalf on the nonworking spouse.\u00a0 The <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#socialsecuritytaxexcess\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"spousal IRA (opens in a new tab)\">spousal IRA<\/a> can be either a Roth or traditional IRA and is subject to the same contribution limits as everyone else.\u00a0 For 2019, you can contribute up to $6,000.\u00a0 Plus, an additional $1,000 if you\u2019re 50 or older.\u00a0 You must file a joint tax return to qualify.\u00a0 <a href=\"https:\/\/www.eztaxreturn.com\/offers_plan.html?utm_source=July%20Newsletter\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Pre-register now (opens in a new tab)\">Pre-register now<\/a> with ezTaxReturn.com and you&#8217;ll receive a special discount when you file your taxes next year.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>You\u2019re entitled to a higher standard deduction<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Most people claim the standard deduction when they prepare their tax return.\u00a0 It&#8217;s the easiest way for taxpayers to reduce their taxable income.\u00a0 If you take a peek at the standard deduction rates, you&#8217;ll see another financial benefit of marriage.\u00a0 Married couples can save twice as much as single taxpayers.\u00a0 The standard deduction is worth $24,400 for married couples filing a joint return and only $12,200 for single filers.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Bigger tax breaks when you sell your home<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Normally when you sell your home up to $250,000 of the profit is tax-free.\u00a0 However, married couples can walk away with even more money.\u00a0 They&#8217;re allowed to exclude up to $500,000 in capital gains.\u00a0 You\u2019re eligible for the exclusion if you own your home and used it as your primary residence for at least two of the last five years.\u00a0 The time doesn\u2019t have to be consecutive.\u00a0 You will not qualify if you\u2019ve excluded profits from another home sale within the last two years.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>No need to worry about gift taxes<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Married couples can transfer an unlimited amount of money to their spouse without thinking twice about it.\u00a0 The money doesn\u2019t have to be reported and it isn\u2019t subjected to gift or estate taxes.\u00a0 For everyone else, you can only gift up to $15,000 per person annually.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h2 style=\"text-align: center;\">File your taxes fast and ez in 30 minutes or less.<\/h2>\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>When you get married life as you know it begins to change and mostly for the better.\u00a0 Saying \u201cI do\u201d can help you live longer, sleep better and you\u2019re less likely to be depressed.\u00a0 Marriage also comes with numerous financial benefits including special discounts and money-saving opportunities.\u00a0 Let\u2019s look at how tying the knot can [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":18595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-18593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are the Financial Benefits of Marriage?<\/title>\n<meta name=\"description\" content=\"Tying the knot can positively impact your finances. Let&#039;s take a look at the financial benefits of marriage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are the Financial Benefits of Marriage?\" \/>\n<meta property=\"og:description\" content=\"Tying the knot can positively impact your finances. Let&#039;s take a look at the financial benefits of marriage.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/\" \/>\n<meta property=\"og:site_name\" content=\"ezTaxReturn.com Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ezTaxReturn\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-09T20:56:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-06T14:22:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.eztaxreturn.com\/blog\/wp-content\/uploads\/2019\/07\/shutterstock_65941054.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ezTaxReturn Expert Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ezTaxReturn\" \/>\n<meta name=\"twitter:site\" content=\"@ezTaxReturn\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ezTaxReturn Expert Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/\"},\"author\":{\"name\":\"ezTaxReturn Expert Staff\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#\/schema\/person\/53293fc1f8f3940b232359e95b10360b\"},\"headline\":\"What Are the Financial Benefits of Marriage?\",\"datePublished\":\"2019-07-09T20:56:08+00:00\",\"dateModified\":\"2023-06-06T14:22:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/\"},\"wordCount\":654,\"publisher\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#organization\"},\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/\",\"url\":\"https:\/\/staging.eztaxreturn.com\/blog\/the-financial-benefits-of-marriage\/\",\"name\":\"What Are the Financial Benefits of Marriage?\",\"isPartOf\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#website\"},\"datePublished\":\"2019-07-09T20:56:08+00:00\",\"dateModified\":\"2023-06-06T14:22:27+00:00\",\"description\":\"Tying the knot can positively impact your finances. 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