If you’re
married and are the only member of the couple that works, you might think that
you could claim your spouse as a dependent for tax purposes. Unfortunately,
however, the IRS does not allow you to do this, at least now now.
At one time,
there was a loophole that savvy taxpayers could use to claim their spouse’s
personal exemption, but that was repealed back in 2018. Even worse for hopeful
taxpayers, it will stay repealed until at least 2026.
While this
is disappointing news for couples in which only one spouse is employed, it
doesn’t mean that you’re doomed or that you can’t save money on your tax
returns. It just means that you have to find other ways to do it.
Determine
the Best Way to File
To save
money on your future taxes, it’s important to file in the best possible way. As
a married person, this could mean filing a return with your spouse (filing
jointly), or it could mean filing a separate return. The right choice for you
and your partner will depend on a number of different factors. Thus, it’s best
to have a tax professional look over your information and advise you on the
best filing status for you.
Take
Credits and Deductions Where You Can
In addition
to choosing your ideal filing status, remember that there are all kinds of
credits and deductions in existence. Just because you can’t file your spouse as
a dependent, then, doesn’t mean you can’t save major money! A good accountant
or professional tax preparer will ask you questions about your lifestyle, your
spending throughout the year, and more to determine what credits and deductions
you can qualify for.
As you can
see, there are all kinds of ways to save money on your taxes. In fact, married
couples often enjoy more tax breaks than single individuals. So, while you
might not be able to claim your spouse as a dependent, being married could
still help you out come tax time, especially if you have the right assistance
on your side.
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