Pro: Child Tax Credit Changes
Your current or future children will help in offering you some tax benefits too, if you’re married and filing jointly. That’s because you and your spouse can earn twice the adjusted gross income of singles before the child tax credit begins to phase out.
To put it into numbers, individual taxpayers can make $200,000 before losing access to the full credit. But married couples? Well, they can make as much as $400,000 in adjusted gross income before they reach that same limit.
So, if you don’t want to lose access to the full child tax credit, then getting married is the way to go. This is especially important as child care does not come cheap, so this tax advantage can definitely help.
1 thought on “Is Getting Married the Most Financially Responsible Move?”
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