Married coupleshave an important choice every year: filing taxes jointly or separately. While the tax code generallyfavors joint returns, some spouses may benefit from filing apart, experts say. "Married filing jointly" combines income,credits and deductionson a single return, whereas "married fili...
ABC News' Alexis Christoforous answers your questions on filing taxes when you're newly married March 1, 2024 Additional Live Streams Live ABC News Live Live Rain returns to southern California this weekend, decreasing the fire risk but increasing the risk for mudslides in burn scars ...
Getting married usually means merging your finances. But when it comes to taxes, that's not always the case. The IRS gives married couples a choice: You can file your taxes jointly, or you can choose the status "married, filing separately." ...
For many people, 2024 has been a challenging year for financial and tax planning. Here's everything you need to know to complete your taxes accurately and efficiently this year.
As we said before, the IRS doesn’tforceyou to file jointly if you’re married. You can always file separately. Married filing separately is a filing status for married couples who, for whatever reason, decide, “Meh, we don’t want to do our taxes together.” As a married couple, you...
Afiling statusin which a married couple files individualtax returnsinstead of a single return. When two spouses file separately, each is taxed like asingle individual. This usually results in a higher combinedtax liability, but it may be advantageous if one spouse has significantly higherexpensesor...
1. What is Married Filing Jointly? In the simplest terms, Married Filing Jointly is a tax filing status that allows married couples to file their taxes together on a single tax return, combining their incomes, deductions, and tax liabilities. It’s important to note that this status is only...
You may have tied the knot, but are you ready to file your taxes together? Having to pick between "married filing jointly" and "married filing separately" may feel like a relationship test, but it's about what makes the most sense based on your financial circumstances. ...
Married couples can choose to file their own tax returns, which would be the category of married filing separately. Each individual in the couple will report their own income and deductions on separate returns. Taxes are generally higher for those couples filing separately than if they were to ...
When using the married filing jointly filing status, both spouses are equally responsible for the return and thetaxes. If either one understates the taxes due, both are equally liable for the penalties, unless the other spouse can prove they were unaware of the mistake and did not benefit fro...