What benefits are there for filing jointly?
2007-02-17 15:27:29 · 7 answers · asked by nerissa_drew 1 in Business & Finance ➔ Taxes ➔ United States
Depends on your incomes...Sometimes it helps to file jointly, sometimes it does'nt...No, you don't always have to file jointly...Figure it both ways and go with the one that benefits you most...
2007-02-17 15:32:38 · answer #1 · answered by Vinegar Taster 7 · 0⤊ 0⤋
Filing jointly almost always allows you to pay less taxes than filing as married filing separately. Depending on your two incomes and other factors, the difference might be just a few dollars or could be quite a bit. Also, there are a number of credits that you can't take if you file separately.
Filing jointly doesn't mean that you always have to. You can decide for each year which way you want to file. There can be situations where filing separately saves you taxes, but they are very rare.
2007-02-18 01:12:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You can file jointly if the wedding occurred on or before Dec 31, 2006. I would file jointly, the tax you pay should be less. You may file differently each year if you want. If you do not trust your spouse, do not file jointly, once you sign you are legally responsible for all the information on the return even if you did not prepare it. Good Luck.
2007-02-17 23:34:38 · answer #3 · answered by Dusie 6 · 0⤊ 0⤋
First and foremost, you have to be married on Dec. 31st to file married, either jointly or separately. If you were single on Dec. 31st, you will each have to do your tax returns as singles on last time.
If you are able to file married, jointly is usually the best. With some exceptions, you will get more of a refund or owe less additional tax when filing jointly.
2007-02-17 23:42:46 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
You should file jointly, it will save you money, and you do not have to but it would be better for you if you did.
The benefits are that you will get a bigger deduction.
2007-02-17 23:30:50 · answer #5 · answered by jeff c 3 · 0⤊ 0⤋
From my understanding, you file jointly, more of a return can come back to you-claiming a dependant. Please talk with a tax person (H& R Bock) or somewhere even the IRS can help you with that question, and any further you may have.
2007-02-17 23:36:08 · answer #6 · answered by SAK 6 · 0⤊ 2⤋
if you file jointly and either one of you has unmet obligations such as unpaid student loans or back child-support the refund will be intercepted and reduced substantially...if not there are many advantages to filing jointly...go ask H&R Block...its their JOB to know...
2007-02-17 23:36:45 · answer #7 · answered by Marco S 2 · 0⤊ 1⤋