When it comes to taxes, getting married may cost you

Description

Abstract: One byproduct of the U.S. tax system, under which married couples file joint tax returns, is that marriage may produce a tax penalty or bonus, depending on a couple’s particular circumstances. In other words, when couples marry, their tax liability may be more or less than their individual tax liabilities combined. Using fictional examples, this article explains how getting married can affect your tax bill. A sidebar provides financial and estate planning steps to take if you’re getting remarried.