Wednesday, January 13, 2010

If married is it better to file taxes jointly or separate?

Generally its better for a couple to file jointly. Most couples will do their taxes both ways to see which one comes out better. Good luck.If married is it better to file taxes jointly or separate?
It depends on a number of factors. Do you both work? How much do you earn? Do you itemize or take the standard deduction? Children or other dependents? The best advice I can give you is to work it out both ways and submit the one that is best in your situation.If married is it better to file taxes jointly or separate?
In the majority of cases, it's better to file jointly. It's only if you have a special situation that you would file separately. If you are an average couple with no special circumstances, then you are better off filing jointly.
You get a bigger standard deduction if you file married. So that's the better I would say.
separately is for special situations -- likely ones include:





one spouse is not a US citizen, does not usually live in the US, and has mostly foreign source income [which would then NOT be subject to US taxes].





you are separated [whether legally or not] and your finances are now separate





one spouse is financially reckless and your finances are now separate.





etc, etc.
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