Increased income

[Eafflitto1005]

I made 40k last year and 130k this year. I have two kids. Would it make more sense to get married this year or next. The reason i ask is because im scared to owe a lot in taxes due to the huge difference.

i down own a house or have any investments Marriage 

[Corrlich44]

I guess the next question is, you did not state whether that income was earned from W-2 Wages, which requires Federal and State income tax to be withheld on that income OR was either or both of that income earned from Self-Employment?

Without knowing how the income was earned and whether you will have other tax deductions that were not benefiting you on the initial $40k, getting married may help unless their income is subject to the same question I started with.

[Kelly Thomas C]

Well, first of all congratulations on the income increase!! While common sense tells me to say, "..Don't get married for TAX reasons...", assuming you have that matter sorted, it would help you a bit to be married. But if your wonderful wife has high income, the benefit will be minimal. So, get married if you are ready and let the tax chips fall where they may! Happiness is way more important than tax savings.

I hope this is helpful to you.

Kelly C.

CPA