2007-12-22 15:40:53 · 11 answers · asked by Lori 1 in Business & Finance ➔ Taxes ➔ United States
If your incomes are approximately equal and you take the standard deduction and are not eligible for any credits like the Earned Income Credit there is little difference between filing jointly and separately. If your incomes are significantly different or if you have any tax preference items like the EIC you'll be better off with a joint return since many tax preference items are denied if you file separately.
If you file separate returns you are each individually responsible for your own taxes. Your refund cannot be attached for your spouse's tax debt, nor can the IRS take collection actions against you for your spouse's tax debts.
On a joint return, both of you are equally responsible for the entire joint debt on the joint return, even if you should divorce later. If you know or suspect that your spouse is being dishonest when filing a return it's usually best to file separately to protect yourself from any claims by the IRS.
The guidance to prepare your returns both ways and choose whichever one is best for you is correct.
2007-12-23 03:05:09 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
a good CPA will calculate the return both ways and you can file however gives your the best result. Most of the time it is filing jointly but not every time.
2007-12-22 16:02:31 · answer #2 · answered by dcholsted 2 · 1⤊ 0⤋
If you take the standard deduction the deduction for married filing jointly is much more (thousands of dollars ore) than each of you filing seperately.
2007-12-22 15:46:31 · answer #3 · answered by northnode3g 3 · 0⤊ 2⤋
You save a lot of money when you file jointly.
2007-12-22 15:42:55 · answer #4 · answered by zzamama 3 · 1⤊ 3⤋
many of the time you get extra refund or owe fewer taxes while submitting at a similar time. there are events which you may prefer to record one at a time, however the counsel you presented says you're probably extra desirable off submitting at a similar time.
2016-10-09 02:30:15 · answer #5 · answered by prato 4 · 0⤊ 0⤋
You get a larger deduction if you file jointly.
2007-12-22 15:43:05 · answer #6 · answered by Dominicks Granny 4 · 0⤊ 3⤋
you will get screwed if you file MFS. so file MFJ and take advantage of the fact that the government wants people to be married and gives you tax breaks.
2007-12-22 15:44:58 · answer #7 · answered by The Allknowing Edgar 1 · 0⤊ 1⤋
Usually you get a bigger deduction when you file jointly.
2007-12-22 15:42:53 · answer #8 · answered by mpblackbelt 2 · 0⤊ 3⤋
It is very likely that a joint return will be better for you. If you feel like spending the time, calculate them separately, and compare.
2007-12-22 15:43:52 · answer #9 · answered by Anonymous · 2⤊ 0⤋
I know that you'll pay more if you file separately.
2007-12-22 15:42:51 · answer #10 · answered by That's not my name 7 · 0⤊ 3⤋