How Smart Newlyweds Save Thousands with These Tax Strategies

Marriage comes with the promise of a shared future — both financial and personal. Smart couples know that they can unlock many tax credits and deductions by using the tax code to their advantage. But that’s only possible if they are familiar with effective tax strategies for married couples.

As newlyweds, you will have to navigate the world of taxes together, as your finances will be merged. The choices you make early on can have a big impact on your bottom line.

Making tax decisions after marriage is not just about filing jointly or separately. You need to decide about updating your withholdings, maximizing retirement contributions, coordinating deductions, and even managing student loan repayments.

In this post, we will discuss some tax strategies every smart newlywed should know to save thousands down the road. Let’s get into it.

Your Tax Filing Status: The First Big Change

Marriage changes your tax picture from the moment you say “I do.” The IRS looks at your marital status as of December 31st, so even if you tie the knot on New Year’s Eve, you’re considered married for the entire year. This means your filing status shifts, and you get to choose between two main options:

Married Filing Jointly (MFJ)

Filing jointly is the easiest and most rewarding choice for newlyweds. When you combine your incomes and deductions on one tax return, you often end up paying less in taxes overall.

With the signing of the "One Big Beautiful Bill Act" on July 4, 2025, the standard deduction for 2025 (taxes filed in 2026) has now become $31,500 for joint filers (previously $30,000). That's double what single filers get, so it can actually lower your taxable income.

Moreover, filing jointly opens the door to valuable tax credits like the Earned Income Tax Credit and Child Tax Credit, which can save you a nice chunk of change. You also get wider tax brackets, meaning more of your income is taxed at lower rates.

Just keep in mind that both spouses share responsibility for the return, so it’s important to be on the same page. For most couples, filing jointly is the simplest way to maximize their tax benefits and keep more money in their pocket.

Married Filing Separately (MFS)

Filing separately means you each file your own tax return and report only your income and deductions. While it might sound like a good way to keep things simple, it usually ends up costing more in taxes.

Under the One Big Beautiful Bill Act, the standard deduction for single filers is $15,750 — cut in half. With that, many credits, like the Earned Income Tax Credit and student loan interest deduction, disappear or shrink.

That said, filing separately can make sense in specific situations, such as:

• One spouse has high medical expenses exceeding 7.5% of their adjusted gross income (AGI). Filing separately might allow that spouse to deduct more of these expenses.

• Couples on income-driven student loan repayment plans — Income-Driven Repayment (IDR), Income-Based Repayment (IBR), or Pay As You Earn (PAYE) — may reduce their monthly payments by filing separately. However, this can come at the cost of losing other deductions.

• Situations where spouses want to protect themselves from each other’s tax liabilities, audits, or debts.

• Maintaining separate property classification in community property states.

Since there are pros and cons, it’s smart to run the numbers both ways or chat with a tax professional before deciding.

MFJ vs. MFS: Key Differences at a Glance

7 Effective Tax Strategies for Married Couples

As financially aware newlyweds, you need to prepare yourself and your partner for taxation in a way that works for both of you. Here are some powerful tax moves that can help you save money in the upcoming tax season:

1. Update Your W-4 Forms

After getting married, one of the first things you should do is update your W-4 with your employer. It will tell your employer how much tax to withhold from your each paycheck, preventing overpaying (or underpaying) taxes throughout the year.

If your joint tax liability drops, you might see more take-home pay in your checks.

2. Run the Numbers Both Ways

In your first year of marriage, calculate your taxes using both filing statuses — jointly and separately. Sometimes, filing separately might save money if one spouse has big medical bills or other special situations. But generally, most couples do better filing jointly.

This quick check ensures you’re choosing the option that saves you the most money.

3. Maximize Retirement Contributions

Marriage can open up new opportunities for IRA contributions. Joint filers often qualify for higher income limits for deductible IRA and Roth IRA contributions. So, take advantage of these rules to boost your retirement savings and lower your taxable income.

4. Leverage Tax Credits

Filing jointly can unlock credits like the Earned Income Tax Credit, Child Tax Credit, and education credits. These credits can add up to thousands in savings, so check your eligibility each year.

5. Coordinate Deductions and Expenses

Some deductions, like medical expenses, are based on a percentage of your adjusted gross income. Combining incomes might make it harder to qualify. Still, it’s also a chance to plan big expenses (like elective medical procedures or charitable giving) for years when you’ll get the most tax benefit.

6. Review Student Loan Repayment Options

If either spouse has federal student loans, review your repayment plan. Filing separately can sometimes lower monthly payments on income-driven plans, but it may also mean missing out on valuable deductions.

Compare both tax strategies for married couples to see what works best for your situation.

7. Protect Your Identity and Benefits

If you change your name after marriage, notify the Social Security Administration right away. Make sure your name matches on both SSA and IRS records to avoid delays with your tax return.

It's Time To Empower Your Financial Future As A Couple

Marriage is about building a life together, including making smart money moves as a team. You can unlock savings, avoid costly mistakes, and set the stage for a secure financial future by implementing the best tax strategies for married couples.

A little tax planning can pay off in a big way. If your finances are complex, don’t hesitate to reach out to a tax professional for tailored advice. With the right strategies, you and your spouse can make the most of your new life together. If you have questions and need a simple place to start, considering booking a 20-minute or 50-minute session with a Mentor through your Fruition account. They can help you gain a big-picture view of your unique financial situation and make a plan for your next steps.