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...
Type your own numbers in below to see how marriage affects your taxes.When more than one child is involved, figuring out who should claim whom as a dependent gets even more complicated for an unmarried couple — so complicated that those scenarios are excluded from the analysis. The analysis ...
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...
Tax bills aside, there is one scenario in which married filing separately may be especially wise. If you don’t want to be liable for your spouse’s taxes and suspect that they are hiding income or claiming deductions or credits falsely, then filing separately is probably the best option.6...
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 affects many aspects of life, including income and income taxes. Married couples in the United States have the option of filing joint tax returns or separate tax returns. The filing status couples choose can impact overall tax liability; couples who file joint returns are afforded...
Choosing the right filing status can help you save money during tax season. 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 ...
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. ...
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...
Taxpayers who are legally separated and have lived apart for at least six months, or taxpayers who are divorced or widowed, can file their taxes using the single head of household filing status. Generally, head of household filers receive a larger standard deduction than married taxpayers who fil...