Question:   My son just announced his engagement.  They plan to be married at the end of this year or early next year.  Does it matter for their income taxes when they marry?  Are there any other income tax issues?

Answer:                

If you’re planning a wedding near year-end, put the romance aside for a moment to consider the tax consequences. The tax law still includes a “marriage penalty” that forces some pairs to pay more combined tax as a married couple than as singles. The “marriage penalty” could be substantial if both partners have high earnings.  But, there are some situations when tying the knot saves on taxes.  This is another situation when running the numbers is needed for a definite answer.

And, whether you have one job between you or two or more, revise withholding at work to reflect the tax bill you’ll owe as a couple        

Feel free to contact me if you or someone you know has this type of situation.  Tax laws can be tricky; thus, the above answer cannot be applied to all circumstances because the slightest variation could cause a different outcome.