Introduction
As the year draws to a close, many couples might be considering the romantic notion of tying the knot. But did you know that getting married before the end of the year can also offer significant financial benefits? At Get Married Today, we specialize in facilitating same-day marriages, and we’re here to help you understand how saying “I do” before year-end could lead to substantial savings on your 2024 taxes.
Why Marry Before the Year Ends?
Tax benefits from marriage don’t just stem from love and lifelong commitment—they are also grounded in the tax code. The IRS offers various financial perks for married couples, from income tax brackets to deductions and credits that are not available to single filers. Here’s a breakdown of how a quick wedding at the end of the year could be financially advantageous:
1. Favorable Tax Brackets
When you file jointly as a married couple, the income thresholds for tax brackets are generally more favorable compared to single filers. For instance, the tax bracket that applies to a single filer at a certain income level might be higher than that for a married couple with the same combined income. This means lower tax rates on your combined income, potentially saving you thousands of dollars.
2. Increased Standard Deduction
In 2024, the standard deduction for married couples filing jointly is significantly higher than for single filers. This means you can deduct more from your taxable income, reducing your overall tax liability without the need to itemize deductions.
3. Spousal IRA Contributions
If one spouse doesn’t work or earns significantly less, getting married allows the working spouse to contribute to an IRA in the name of the non-working spouse, potentially doubling the amount you can invest tax-deferred.
4. Potential for Additional Benefits
Other tax benefits include more favorable treatment with regards to the estate tax, gift tax exclusions, and various tax credits such as the Earned Income Tax Credit, Child Tax Credit, and education tax benefits that are enhanced or only available to married couples filing jointly.
How Get Married Today Can Help
Our same-day marriage service is not only romantic and memorable but also practical. Here’s how we can assist you in reaping those year-end tax benefits:
• Speed and Convenience: We understand that the end of the year can be a busy time. Our streamlined process ensures that your marriage can be legally recognized within hours, without the lengthy preparation typically associated with weddings.
• Beautiful Venues: Choose from our selection of scenic venues in California for your ceremony, or let us come to you with our mobile marriage service.
• Legal Documentation: We handle all the necessary paperwork, ensuring that your marriage certificate is processed quickly so you can file your taxes as a married couple for 2024.
Client Testimonials
Don’t just take our word for it. Many of our clients have enjoyed the swift, hassle-free experience of our services and reaped the financial rewards:
• “We decided on a whim to get married before New Year’s and couldn’t believe how easy Get Married Today made it. Not only did we start the new year as a married couple, but we also saved on our taxes!” – Sarah and Tom, San Diego
• “The quick service and beautiful ceremony location made our last-minute wedding perfect. Plus, the tax savings were a great bonus!” – Emily and Mark, Irvine
Conclusion
Getting married on short notice doesn’t have to be stressful or less special. At Get Married Today, we provide a memorable, legitimate, and legally binding marriage service that can also help you save on taxes. If you’re considering marriage, why not tie the knot now and enjoy both the emotional and financial benefits as you enter the new year?