How to tell if you'll receive a marriage penalty—or bonus—on your taxes

Relationship and financial experts will both tell you it's probably unwise to marry for money, whether that means ignoring compatibility or looking for purported tax benefits.

Getting married doesn't always help your financial situation, anyway, particularly when it comes to your taxes.

For many married couples who file jointly, there is little change in how much they collectively owe in taxes. But there are situations where couples either see a marriage bonus or marriage penalty when they file their taxes jointly.

Here's how getting married can affect how much you owe in taxes, and whether you have reason to celebrate or gripe this tax season.

Couples experience a marriage penalty when they file jointly and owe more in taxes than they would filing as single individuals. Because tax brackets are different for joint filers and individuals, when you get married, your combined income may raise or lower your effective tax rate. Married couples are still able to file separately, but that's only advised in rare situations.

On the contrary, couples get a marriage bonus when they pay less in taxes as joint filers than they would have as single filers.

"The tax code rewards us for certain behaviors that promote stability, and traditionally, being married fits into that category, similar to having kids and saving for retirement — all of which have specific tax advantages," Holly Reid, a certified public accountant based in Atlanta, tells CNBC Make It.

There's not a straightforward equation that tells you whether you and your spouse will face a marriage penalty or bonus at tax time — you'll have to do the math yourself. It is worth noting the Tax Cuts and Jobs Act under former President Donald Trump reduced the marriage penalty for many families by expanding the tax brackets for married couples filing jointly.

Here's a simple example to show how your federal income tax obligation can change when you get married. Note that these calculations use the standard deduction and don't take any credits or state taxes into account:

• If you earn $100,000 and your spouse earns $50,000, you'll owe $482 less in taxes filing jointly than you would filing as single individuals.
• If you earn $100,000 and your spouse earns $150,000, you'll owe $46.50 less in taxes filing jointly than you would filing as single individuals.
• If you earn $100,000 and your spouse earns $200,000, you'll owe $1,406.50 less in taxes filing jointly than you would filing as single individuals.

"Couples may have specific circumstances that will allow for certain deductions and credits," Reid says. "The child tax credit, mortgage interest deduction or American Opportunity Tax Credit all could potentially reduce a couple's tax liability."

To calculate your own tax liability, the IRS's tax tables and worksheets walk you through each step.

Unfortunately, you won't be able to avoid a marriage penalty by filing separately. In fact, you might be worse off if you choose married filing separately because you can lose access to some of the credits and deductions mentioned earlier. 

If you're married filing separately, you can only claim the earned income tax credit if you have a qualifying child and didn't live with your spouse for at least half of the last year or are legally separated and don't live with your spouse, for example.

There are certain situations where couples may benefit from filing separate returns like high medical bills or an income-based student loan repayment plan. But make sure the benefits of filing separately outweigh the drawbacks. 

It doesn't hurt to do a little math and see which filing status is right for your situation. And consider working a tax professional to help ensure you're making the right moves.

DON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!

Check out: These 10 cities have the most Tax Day procrastinators—and 3 are in Florida