Buy a Life Insurance Plan in a few clicks
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Fortune Builder
A plan that offers guaranteed income for your future goals.
Thank you
Our representative will get in touch with you at the earliest.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Understanding income tax saving tips is crucial if you and your partner want to optimize savings and fulfil your financial objectives. Continue reading for more information on how couples' tax-saving methods are compounded. In most of our lives, getting m
One of the most advantageous tax savings tips for getting married for most couples is the greater standard deduction for filing under the previously mentioned married filing jointly status.
Therefore, setting up a financial plan and conserving money are top objectives for newlywed couples who want a secure future together. Applying some straightforward yet efficient income tax saving tips is one essential way that newlyweds can save money and ensure their future this year.
Continue reading this blog to learn some realistic financial advice to assist newlyweds in saving money on their taxes this year.
Marriage marks the beginning of a significant life stage and a wonderful phase. A family’s lifestyle, financial situation, and risk profile change quickly, and the same is true of their tax planning. Here are some crucial tax-saving ideas that newlyweds need to remember.
Taxes might not be on your priority list as you said, “I do,” but once you are married, your financial condition alters, including your tax situation. It is crucial to understand your new status before you completing next tax return because updating your filing status can have some unanticipated effects.
Due to a higher standard deduction, filing as ‘married filing jointly will typically result in a lesser tax burden for married couples. The alternative is to file as married, filing separately and solely disclosing your personal income, credits, and deductions.
Marriage frequently entails one or both partners changing their names and addresses. It’s crucial to inform all government and financial organizations, as well as your employer, of the change to guarantee that you receive all required documents and notices.
And the Indian Revenue Service (IRS) accepts your tax return without issue, and you avoid any potential penalties or fees resulting from a late or incorrect filing.
For many individuals, utilizing available tax deductions and credits is an easy and efficient approach to lowering their taxes. A tax deduction reduces your overall taxable income, but a tax credit reduces the amount of taxes you owe (thus reducing your liability).
One of the most advantageous tax savings tips for getting married for most couples is the greater standard deduction for filing under the previously mentioned married filing jointly status.
Additionally, a married couple can also qualify for greater charitable donation deductions. Being married results in a higher joint income, which may increase the annual deduction cap you can claim for charitable contributions.
If you own a business and have constructed a strong tax file for your wife, through careful tax planning, you are permitted to borrow money from her account and deduct the interest payment as a business expense.
Although a new family member aids in the creation of a new tax file, care should be taken to avoid the clubbing restrictions. All the grey areas can be resolved with careful tax preparation. Multiple tax filings should be beneficial rather than add to the burden of tax management.
Take full use of tax breaks such as 80C, 80D, and others by adjusting your taxable income to the utmost extent possible. If, for instance, you invested your spouse’s money in a way that resulted in a taxable income of ₹4.75 lakh, you can eliminate it by correctly investing it in tax-saving strategies.
Newlyweds have wonderful intentions to create an attractive, tranquil, and joyful future. At various phases of their lives, they work toward financial goals to meet their requirements. It is significant to remember that financial planning may involve tax-advantaged investments. And when the investment options are taken advantage of to their fullest potential, tax filing for newlywed couples can result in various benefits.
Marriage does not only include adding your better half to your family, but it also adds to your list of responsibilities. Topping this list is all the financial liabilities. By carefully implementing the above-mentioned tax planning tips and suggestions, you can maximize your savings, increase your investment returns and minimize taxes.
Some of the tax-saving tips are:
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
