If they choose to file jointly, they may be eligible for certaintax deductionsandtax creditsthat they may not qualify for by filing separately. In order to qualify to file jointly, the couple has to be married as of December 31 of thetax year. Why Does Married Filing Jointly Matter? Decid...
$30,000 for married couples filing jointly2 These standard deduction amounts are subtracted from the total of your earned income and you're only taxed on the remaining balance. The amount you can deduct depends on your filing status. You also have the option of itemizing your deductions instea...
Gifts of money or property are subject to a gift tax if the donor exceeds the annual or lifetime gift exemption. Gift splitting is an easy way for married couples to maximize their annual gift tax exclusion amount. TheIRSallows married couples whofile jointlyto double the amount of their gift...
600 of net income and 2.9% in Medicare taxes on all net income.6Single filers must pay an additional 0.9% Medicare tax on self-employment income that exceeds $125,000 if they are married and filing separately, $200,000 if they are married and filing jointly, and $200...