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RE: ScaredyCatGuide to Investing – Did Marriage Just Hit Your Tax Bill?
I had no idea about this O.O maybe I'll get "married" by getting a pretty ring, Throwing a big party, and calling us husband and wife as result, But not actually fill out the paperwork. Right now the tax bracket thing wouldn't affect me, But I'm determined to make more money, So I'm not going to get married if it means paying more.
There you go! There's always a workaround for everything :-) The flipside of this is in the lower income brackets this can be used to one's benefit.
Let's say one person makes 45k thus in the 25% bracket and their potential spouse makes 25K, thus 15% bracket. If they get married, combined income is 70k and they both now fall in 15% bracket. A 10% tax savings for that couple! Until they get raises and go over 75K that is...lol
DANG IT! You can't win with this LOL.
With my business mindset I like to think I'll be making much more than 75k one day.
Yes, I believe you are well on your way :-)