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Is good to get married on December 31st for tax reasons?


taxes

It depends on the wage status of the two parties.

In the U.S. if both persons work at good-paying jobs, then they will often pay more tax as a married couple then each as singles. This is known as the marriage penalty--I heard that some code changes were taking place to reduce this penalty, but it still exists to some degree.

If one person earns significantly less than the other, then married filing jointly will often result in a lower overall tax.

You won't really be sure unless you run a tax forecast each way. I've pasted some links to more reading below.

Yes, You get to claim the whole year. Same with having a baby!

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