For most couples, it’s best to file taxes jointly. By doing so, there are advantages including tax breaks.
Are you wondering if you should file your taxes jointly or separately? For couples that have recently tied the knot and even for those who have been married for years, this is a very common question. For most couples, it’s best to file taxes jointly. By doing so, there are advantages including the IRS extending tax breaks.
For the majority of couples, the benefits of filing taxes jointly outweigh filing taxes separately. However, there are certain situations when it’s best to file separate returns. For example, couples with one spouse having a large total of medical expenses, filing separately may pay off.
The Need-to-know Facts
- You may file jointly if you are legally married (if you were legally married on or before the last day of the year).
- By filing jointly, both individuals report all income, deductions, and credits onto one tax return.
- Upon deciding to file taxes jointly, both spouses must agree to file a joint tax return and both must sign the return.
- In the case that during the tax year your spouse has died, you still have the option to file jointly or separately.
- You are responsible for your spouse. According to the IRS from Publication 501 (regarding filing jointly):
“Both of you may be held responsible, jointly and individually, for the tax and any interest or penalty due on your joint return…One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse.” Continue reading “Is There An Advantage to Filing Taxes Jointly?”