Love is a wonderful thing, even according to Uncle Sam. For those who tied the knot last year (right up until Dec. 31), there may be substantial benefits for your taxes.
In general, many couples get a tax break for being married. "Marrying, filing jointly, is the best overall status from a tax point of view," according to Gil Charney, director at The Tax Institute at H&R Block.
For starters, you'll both get to take the personal exemption — a $4,050 benefit — which reduces your taxable income by that amount if you file jointly, Charney said, in addition to being able to combine incomes in order to boost contributions to an IRA or a charity and take a deduction.
(Note: Some taxpayers, particularly high-income couples, could be subject to a marriage penalty, meaning that they pay more in taxes than if they were each single.)
Also, be sure to contact the Social Security Administration as well as the IRS so that your records match up, and change your withholding at work from single to married.