Special Articles

Tax Issues When Planning Marriage or Divorce

By Peter Jason Riley

Marriage

When planning to marry, don't forget the IRS! Weddings often spring a tax trap known as the "marriage penalty." This penalty applies because many tax rules discriminate against two-earner married couples.

However, if you're planning a year-end wedding, you may want to consider delaying your marriage until next year. Not all married taxpayers pay more. Whether you will depends on many variables. We can help you determine whether the marriage penalty affects you, and what, if anything, you can do to minimize it.

Divorce

If you're going through a divorce, taxes may be the last thing on your mind. But divorce involves many potential tax traps and pitfalls. Here are some things to watch out for.

phone Marital status is an important factor in the amount of taxes you will pay. While taxes should not be the determining factor in your decision to marry, divorce, or remarry, some planning might cut your taxes significantly. Contact us if we can be of assistance; we're here to help.

 

 


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