Financial Benefits for Married Couples
Outside of the additional, combined income, there are many other financial benefits
married couples have access to but rarely take advantage of. It’s important to take full
advantage of every opportunity out there to make sure you’re not leaving money on the table,
and best to take advantage as soon as possible.
The first, while more obvious, sometimes gets overlooked and that’s filing for taxes
jointly. Filing separately opens up the possibility to miss out on benefits such as getting to
deduct two exemption amounts from your income and qualifying for various tax credits.
There’s potential for huge savings when filing jointly, especially if one spouse works and the
other does not. The standard deduction for a single taxpayer is up to $12,000 whereas joint
filers can deduct up to $24,400.
The second advantage can offer huge benefits when it comes to your mortgage. Married
couples who are also homeowners can take advantage of a new government program called
the Freddie Mac Enhanced Relief Program Initiative, or FMERR. Designed to help American
homeowners reduce mortgage payments by an average of $3,120 per year, you can qualify if
you owe less than $679,650 on your home, possibly savings tens of thousands of dollars over
the long term.
Next are a few benefits in the health, home, and employment space that arise for
married couples. First are health insurance benefits, where married couples can receive a family
rate which is especially helpful if one spouse doesn’t have health insurance through their
employer. Family leave is another benefit, where time off work is given in case of a sickness, or
emergency in the spouse’s family. In the sale of a home, married couples can profit up to
$500,000 without paying any tax while single folk may only profit $250k. There are many other
benefits married couples can take advantage of and they should be certain to check with their
tax representative to see if they may be able to deduct home office expenses or mortgage
interest in addition to the things listed above.
The list goes on and on for potential tax savings and how those savings can be even
more advantageous when a couple is married. You never want to leave money on the table and
new programs are popping up every day for couples to take advantage of. We encourage you to
talk to professional to see if you can save thousands of dollars per year to get out of debt, buy a
new home, or finally save up for your dream vacation.