Married with kids gets you the best tax benefits; so get to work on that, okay?
Married couples usually get exactly double the deduction value of single people (it's actually the same as if both of you were to take a deduction as singles). There are also higher exclusion amounts and higher thresholds for certain benefits.
Having kids is what gets you the real cash, though, especially if you're middle income or lower.Is it more beneficial, for tax purposes, to stay single or be married?
hmm
Married = more income to report. If you're wondering how it affects your taxes, the answer is not much if the children are already your exemptions. If you're worried about grant/state aid money for college, VERY much. The more income you have in your household, or family, the less you will get in aid. Scholarships are a totally different ballgame, as Jo Blo said. Scholarships are merit-based, while grants and state aid are income-based.
Getting married for all the wrong reasons??
You won't save any tax money by being married if you are filing as head of household.
College scholarships are usually given on the child's academic scores and ability or sports ability,, but if it is a grant,, that would be determined on family income.
There is a different schedule for married filing joint rather than head of household so your tax bill bill depend on your new spouse's income. If your future spouse has no income, you will pay less tax because (i) the married filing joint schedule has larger brackets (ii) an extra personal exemption, and (iii) larger standard deduction. So, for example, if you have an AGI of $50,000 and take the standard deduction, you would currently pay about $4,350 whereas if married filing joint with the same AGI, you would pay about $3,220. On the other hand, if your spouse makes a fair amount of money, you may end up paying more tax when married.
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