What Deductions are Available for Singles and Married Couples?

It might surprise you to learn that your status in life—such as whether you’re part of a married couple or still single—can have a big impact on your taxes. Obviously, no matter what your current situation, you want to have the lowest taxes possible, and an easy way to do that is through deductions. With so many deductions out there, however, it can be difficult to understand which ones actually apply to you. We’ve compiled a list of a few that you might want to consider, whether you’re married or single, but you should still do your research to see what other options you have.

If you’re a single who got a big tax return last year, you were probably overjoyed—after all, who doesn’t love getting “surprise money”? The truth is, however, that a big tax return is actually indicative of something not good in most cases—it means that you’re having too much deducted from your paycheck. Don’t worry, however, it’s fairly easy to fix this issue. Simply fill out a new, updated W-4 form. You might not have that big surprise refund next year, but you’ll find that you consistently make more money on a regular basis.

One great benefit of being married is that, in many cases, only one spouse has to work to bring home a paycheck. If this is the case in your family, know that you can still save money and cut back on tax fees by having the unemployed person open an IRA. Singles who don’t work generally can’t open an IRA, but married folks can since they still have some kind of income. Not only is this a good way to cut back on taxes, but it also allows the non-worker to feel like he or she is contributing and to potentially save up a lot of money and other assets.

It might not seem fair that an unemployed married person can open an IRA, but there is a similar option for single people. Single people who are unemployed but who are actively looking for a job can deduct expenses related to the job search. Everything from little costs, like printing out a stack of resumes, to big costs, like traveling far away to a major interview, can be deducted. This can help you to save big on taxes and can release some of the pressure and stress of being unemployed.

Charitable married couples will be happy to find that they can get more deductions once they tie the knot! How much you can deduct in charitable donations is dependent upon your income and, chances are, when you get married, your income will go up. If that’s the case, the amount of donations you can write off also goes up. So, give freely and enjoy a tax break; it’s a win-win situation for everyone. Just make sure that you keep documentation, such as receipts from the organization to which you donated, of those contributions.

Have a tax question? Ask one of our tax professionals.