smart spending

Marrying for richer rather than poorer

Income tax benefits
4 of 8

A married couple can file their taxes jointly. With disparate incomes, a married couple pays less in taxes than they would singly.

"The way that our tax system works is that the more you make, the more you're taxed. And when you're married, the rate goes up at a slower rate than when you're single," says Noah Rosenfarb, CPA and founder of Freedom Wealth Advisors in Short Hills, N.J.

There is one possible financial disadvantage to being married: the marriage tax penalty.

Though the 2001 Bush tax cuts eased the tax burden on married couples earning close to the same amount, the marriage tax penalty lives on for couples whose earnings exceed a certain threshold.

Depending on their tax bracket, a married couple could end up paying more in taxes than they would if they were single.




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