Marriage Changes Tax Implications

wedding-322034_640Wedding season is officially here. It’s common knowledge that Summer is the time when more couples get married than any other time of year. But did you know that getting married can have a huge impact on your tax situation?

Whether that change is for better or for worse depends, much like your marriage, on a host of factors.

Among them, how disparate your incomes are, whether you bring children to the marriage, whether you get income from sources other than your job, how low your joint income is and whether you itemize your deductions.

The Tax Foundation estimates that couples could pay a “marriage penalty” as high as 12% of their income. Or they could get a “marriage bonus” saving them up to 20% of their income in taxes.

Find out more about how an upcoming marriage can affect your tax situation at  CNN Money.

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