Monthly Archives: December 2015

When Married, To File Jointly or Separately

IS IT BETTER TO FILE SEPARATELY OR JOINTLY WHEN MARRIED?

Under the tax laws, if you are legally married, when filing your tax returns, you have a choice of filing jointly with your spouse, or filing separately. The tax laws generally expect married couples to file jointly though they may legally elect to file separately.

Most times, it is more to the advantage of the filing couple to file jointly. Where married taxpayers file separately, most deductions and exemptions are generally halved for each tax return. In rare cases, married taxpayers may be able to file separately and claim higher deductions and get bigger refunds on their returns.

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