Expecting twins, equivalent salaries - does marriage matter??
**JUST FOR TAXES and FINANCIAL PURPOSES!!** I guess I buried this at the bottom of my post, but I'm purely talking about TAXES ... thank you but I don't need generalized relationship advice or info about estate planning and POA, i'm purely asking about tax filing**
Hi - my partner and I are expecting twins in the fall. We're "emotionally" but not legally married, not opposed to it but it's really just not important to us symbolically and has never presented itself as financially or legally beneficial to the tune that we should rush out and do it. But I'm trying to just confirm what if any difference is now with twins on the way and I can't seem to find any clear advantage.
We live in Pennsylvania, we each make very equivalent salaries around $90k, so filing as single or married puts us in the 22% tax bracket either way. Doubling the standard deduction as married vs having two separate deductions as separate single filers appears to be the same, we're well under either income ceiling for the Child Tax Credit .... can anybody tell me if I'm missing something very obvious financially? I get that a joint filing might be simpler and all that, I don't need generalized relationship advice because we are very much on the same page and good, but, financially, is there any benefit we'd be missing out on not being married?