By using the married filing separately filing status, you will keep your own tax liability separate from your spouse's tax liability. When you file a joint return, you will each be responsible for your combined tax bill (if either of you owes taxes). If you suspect that your spouse may ...
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." While most couples will be better off filing jo...
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...
Any legally married couple can opt to file their tax returns separately. The "married filing separately" status doesn't come with any tax penalties but you might miss out on some tax breaks and end up with higher taxes. Don't assume filing jointly is always the best option. Carefully consi...
Legal separations were why the married filing separately status was created. For a variety of reasons, divorcing or separated couples may not be willing to file their taxes jointly. There are a few considerations for people who find themselves in this situation. For instance, only one individual...
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...
In the United States, it’s important to consider your tax filing status when preparing your tax return. After all, the credits and deductions you’re eligible for — and the income tax you pay to the IRS — are based on how you file your taxes. ...
Since you can only deduct medical bills that exceed 7.5% of your AGI, you might be able to deduct a greater amount by filing separately and reducing your AGI. You and your spouse have a specific tax situation. If your spouse has overdue taxes that you don’t want to be held liable ...
Marriage,Taxes and Marriage Penalty. Your filing status depends partly on your marital status on the last day of the tax year which is December 31. If you're legally married as of December 31 of a given tax year, you are considered to have been married for thefull yearand you have the...
Is it better to file jointly or separately? Learn the factors affecting this decision for married couples, including potential tax savings and specific circumstances for each filing status.