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Marital status affects your taxes

Your marital status can have a major impact on your taxes. Sometimes changing the date for a wedding or the timing of a divorce can be a major tax saver. If you and your spouse-to-be have similar incomes, you may become subject to the marriage penalty and pay higher taxes as a married couple than you would as singles. A divorce certainly requires some tax planning. How you structure support payments, who gets to claim the tax exemptions for dependent children, and how you split up assets can make a huge tax difference to both parties. For more information, please call us at 646-688-2807

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