Married Taxpayer

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Married Taxpayer

A person who is legally married on the final day of a tax year (which is usually the calendar year). In the United States, a married taxpayer has the option of being married filing separately or married filing jointly, depending on which option offers the most tax advantages.
References in periodicals archive ?
The option for the joint taxation of the Additional to the Municipal Tax on Real Estate by the married taxpayers or in union de facto becomes valid until the exercise of the respective resignation, thus avoiding that taxpayers have to express their choice every year" according to the note.
Companies providing services such as law, accounting, healthcare, performing arts, healthcare, actuarial sciences and financial services services in which the skill of the owner(s) is the main asset of the business do not qualify for the deduction unless the taxable income of the owner(s) falls under $315,000 for married taxpayers filing jointly or $157,500 for single taxpayers.
For 2018, the 15% rate will start at $77,200 for married taxpayers filing jointly, $51,700 for heads of household, and $38,600 for other individuals.
Taxpayers with income greater than $500,000 and married taxpayers filing jointly with income greater than $1 million would enter the 39.
The bill, endorsed by the Human Rights Campaign, "adds to these efforts by ensuring our nation's tax law offers equal treatment to all married taxpayers," Wyden said.
For taxpayers with a tax base of $185,400 or less or for married taxpayers filing separately with a tax base of $92,700, the calculation involves multiplying the AMT base by 26%.
Interest on home equity debt, which includes loans secured by the home but not necessarily used for any specific purpose, is deductible for balances up to $100,000 ($50,000 for married taxpayers filing separately).
the Equal Dignity for Married Taxpayers Act "sets new precedent by removing gender-specific references to marriage, enshrining dignity and recognition for LGBTQ Americans in the tax code," according to a Wyden press release.
For single taxpayers and married taxpayers filing separately: $50,000 on the last day of the year or $75,000 anytime during the year; and
That compares to $6,200 for single filers under 65 and $12,400 for married taxpayers under 65 who are filing jointly.
Assume that married taxpayers who itemize deductions make a $10,000 tuition payment towards undergraduate college tuition.
About 7 percent of married taxpayers deducted donations, double that of single taxpayers.