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Tax Tip, Married or Single, Income Tax, Income Tax Brackets, Tax Deductions, Tax Credits, Net Capital Losses, SALT Deduction, Social Security, Charitable Giving Ana Mendez Tax Tip, Married or Single, Income Tax, Income Tax Brackets, Tax Deductions, Tax Credits, Net Capital Losses, SALT Deduction, Social Security, Charitable Giving Ana Mendez

Does Being Married Cost You More Than Being Single?

Do you pay more or less income tax being married? Or, being single? Hmmm…well, it depends. There are no easy answers in the tax world. To make a long story, short – the so-called marriage penalties or marriage bonuses “generally occur when certain tax brackets and/or tax deductions for married couples aren’t twice the same amount for single taxpayers.” These marriage penalties or bonuses occur in numerous sections of the Internal Revenue Code (IRC).

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Tax Tip, Tax Rate, Income Tax Brackets, Income Tax, Federal Income Tax Rates, Single, Married Filling Jointly, Tax Changes, 2022 Tax Changes, Inflation Impact, Capital Gains Tax Rates, Capital Gains Tax on Real Estate, Roth IRAs, 401(k), Contribution Limits, General, Uncategorized Ana Mendez Tax Tip, Tax Rate, Income Tax Brackets, Income Tax, Federal Income Tax Rates, Single, Married Filling Jointly, Tax Changes, 2022 Tax Changes, Inflation Impact, Capital Gains Tax Rates, Capital Gains Tax on Real Estate, Roth IRAs, 401(k), Contribution Limits, General, Uncategorized Ana Mendez

Knowing Your Tax Rate

When dealing with various financial circumstances such as promotions, benefits, and marriage or divorce, it can be difficult to determine how much in taxes you will owe to the federal government. This article from Kiplinger written by Rocky Mengle serves as a great refresher for understanding taxes which can help you plan for your financial future.

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