With the potentially high costs of a wedding and myths of a marriage tax
penalty, it's no wonder that many people are scared to get married for
financial reasons. In reality, there are many ways that getting married
can actually save you money. By tying the knot, you may be able to cut
down on your monthly expenses and live a more comfortable lifestyle.
Every year, you have to pay a large portion of your income to taxes.
Whether those taxes are property taxes, local taxes, state taxes or
federal taxes, a big chunk of your income goes toward paying these
bills. The Tax Foundation has a unique way of looking at this burden,
using a concept known as Tax Freedom Day.
Once one gets into the process of filling out a tax return, there’s a
whole world of possibilities that can occur. The tax code, both at the
federal and state levels, provides for a number of opportunities where a
filer can reduce his taxes owed. These adjustments are typically seen
in the form of a tax credit or a tax deduction. One thing is for sure: they're not the same.