By Sandra Block
From Kiplinger’s Personal Finance
Marriage and divorce can affect your taxes. If you experienced either of those in 2022, here’s how to minimize their federal tax bite.
Marriage
Following a pandemic pause, more than 2 million couples got married in 2022. If you’re among the newly hitched, filing your first tax return as a married couple is a cold reminder that the honeymoon is over.
The first decision you’ll need to make is which filing status to use. For the majority of couples, filing jointly will deliver the lowest tax bill. Many tax breaks are unavailable to couples that choose married filing separately, including money-saving credits to offset the cost of raising children and sending them to college. Thresholds for certain deductions are higher for couples who file jointly, which means you can earn more and still qualify for tax breaks. Joint filers also qualify for a much larger standard deduction—$25,900 in 2022, compared with $12,950 for couples who file separately….