Marriage is a wonderful thing, right?
It is ... unless you're talking taxes.
When talking about marriage and money, most experts talk about the tax advantages of getting married. However, these tax advantages are often only available to married partners with large disparities in income.
Sadly, spouses who earn similar amounts of money -- especially those who are considered high earners -- are often subject to a marriage tax penalty.
What is the marriage tax penalty?
When you marry, you have the option of filing your tax return jointly, or filing separate tax returns. The marriage penalty takes effect when the taxes you pay jointly exceed what you would have paid if each of you had remained single and filed as single filers.