07/07/2025
Congratulations on being married... here are some changes in your tax status with the OBBBA (new "One Big Beautiful Bill Act)
1. Increased Standard Deduction:
Married couples filing jointly will see an increase of $1,500 in their standard deduction, effective in the 2025 tax year. This can lead to a lower taxable income for many couples who opt for the standard deduction rather than itemizing.
For seniors (65 and older), there's a temporary bonus standard deduction of $6,000 for couples filing jointly, available through 2028, in addition to the existing extra standard deduction for seniors.
2. Increased Estate and Gift Tax Exemption:
The permanent increase in the unified federal estate and gift tax exemption to $15 million per individual means that married couples can pass on up to $30 million in wealth without incurring estate taxes.
This creates a stable planning window for high-net-worth couples to strategically plan for wealth transfers, including initiating or expanding dynasty trusts.
3. Enhanced Child Tax Credit:
Married couples with qualifying children may benefit from the increased Child Tax Credit, which rises to $2,200 per child, indexed for inflation.
4. Charitable Deduction for Non-Itemizers:
For married couples who don't itemize their deductions, a new provision allows them to deduct up to $2,000 in charitable contributions starting in 2026. Soooo you can donate to the Just Married Ministry! 😉
If you have any questions about how this stuff affects your marriage - reach out us!
