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asked Dec 11, 2013 in Destination Wedding by Penny And Mary(helpful expert)
edited Dec 12, 2013 by anonymous
  
 

2 Answers

+1 vote
If you marry before Dec 31 you can file married/joint which will lower your tax bracket.

answered Dec 13, 2013 by Rev.DanLatour(expert)
0 votes
If you get married before December 31st, you and your spouse can file a tax return together and file as Married Filing Join status. There may be synergies that can be realized from married filing joint status, but it’s not always the case. Here are three benefits that's applicable for individuals who file jointly. (1) Married filing joint may be beneficial for married individuals when one spouse has business loss. The business loss can be used to offset some of the income of the other spouse. (2) Even if one of the spouses is unemployed, both can contribute to an IRA, which can reduce the taxable income for the couple. (3) If one of the spouses passes away before the end of the year, the surviving spouse can inherit all the deceased spouse’s assets without paying estate tax.

answered Dec 15, 2013 by cris_espinosa