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Newsletter |
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Does
Marriage Complicate Your Tax Return?
In spite of legislative changes and political hype, the "marriage
penalty" that has existed in the tax laws is far from gone.
The "marriage penalty" still exists. Recent tax legislation made the
standard deduction, and the 10 and 15 percent rate brackets for married
persons filing jointly, exactly double those for single individuals.
However, the penalty built into rate schedules still applies to couples
with higher incomes.
Adding complexity, the changes “sunset” in 2010. Experts have pointed
out several other provisions of the tax law that have extraordinary
effect on married persons filing joint returns, but Congress has shown
little interest in genuine reform to eliminate them.
The effect on your income tax liability is just one important financial
consideration when planning marriage. We can help you prepare the
necessary information for a pre-nuptial agreement, arrange reviews of
your and your prospective spouse's credit records, project your joint
tax liability for estimated tax purposes, and help the two of you
prepare a coordinated financial plan. Just call for an appointment. |
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