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Tied the knot in 2020? Some newlyweds face a marriage tax penalty

Source: - Dec 10, 2020

As many newlyweds discover, there’s a lot of sharing that goes on in a marriage.

Including your taxes.

If you tied the knot this year (or plan to do so in December), it may be worthwhile checking out what your new status will mean for your 2020 taxes. While many couples see their tax bill drop post-nuptials, some face a “marriage penalty” — that is, paying more in taxes than if they had remained unmarried and filed as single taxpayers.

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Category: General Business