Saying "I Do" Changes Your Tax Situation

December 31, 1969 12:00 AM
" BOSTON (CBS) – June is a popular month for weddings. So I did some research. I thought it was because the weather is usually so nice. The actual reason is that the Roman goddess Juno is the goddess of marriage and the ancient Romans wishing to honor her preferred a June wedding.

It’s also mid-year and that is a good time to be thinking about tax planning. Saying “I do” changes your tax situation.

Make the effort to review your joint finances and tax situation before the honeymoon! Being married before December 31 means you will file taxes jointly.

If you do not itemize your taxes the standard deduction for a married couple, this is the dollar amount the IRS allows you to deduct from your income before assessing income taxes, is $11,900. That’s twice what you got as a single $5,950.

If you are going to itemize or if one of you did last year try to estimate what your deductions will be this year. Will they be more than the standard deduction? What will you owe in taxes for 2012? Take the time to figure it out for many newlyweds end up owing taxes that first year "

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