When you get married, your hearts aren’t the only thing that comes together. If you decide to join your taxes in holy matrimony too, you could be sharing more of your money with Uncle Sam. If you and your spouse have similar incomes, you could be subject to the “marriage penalty,” a term for being pushed into a higher tax bracket when two incomes are joined together. Even if you are married on the last day of the year, your marital status is applied to the entire year for tax purposes. This means you need to seriously think about which box you check on your tax form. While marriage has its many joys, here are five reasons why the tax code seems to favour single filers. Read the rest of this entry »