Tax credits are like gift cards from the IRS—they apply to your final tax bill and reduce it dollar-per-dollar. Call it a late wedding present (or an anniversary gift) from Uncle Sam, but the IRS gives moretax creditsto married couples filing jointly than to couples filing separately. I...
Most married taxpayers choose to file a joint return since it can give them access to more tax credits and larger tax deductions. You qualify for married filing jointly status as long as you were married by Dec. 31 of the tax year you’re filing for. » Learn more: See tax rates...
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...
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Married Filing Jointly, or Separate? How to Decide | Fox Businessdoi:urn:uuid:e79e4afb50e68210VgnVCM100000a0c1a8c0___Married? One key decision needs to be made before you even start working on your taxes: Which filing status fits you and yours best?Kathryn Buschman VaselFox...
Married filing jointly is generally a better choice for couples, as it makes them eligible for some advantageous tax credits and deductions. However, separate filings are preferablein some cases.For example, if there is a great disparity in earned income between the two, filing separately may all...
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Married filing jointlyis a tax status that some couples use on their tax returns. How Does Married Filing Jointly Work? Let's say John and Jane Doe are married. They sit down to file their tax returns for theyear. They can choose to file jointly, or they can file separately. If they...
First comes love, then comes marriage, then comes—filing with the Internal Revenue Service (IRS). Every couple should file jointly to getthe tax benefits of being married, right? Wrong—many couples don't realize that filing separately might be the better move, in terms of tax strategies. ...
However, your ability to claim a tax deduction for your IRA contributions is limited if you have a 401(k) account at work and your modified adjusted gross income reaches a certain amount. For married couples filing jointly, if the spouse who makes the IRA contribution is covered by a work...