Married filing jointly tax calculator
- is filing jointly or separately better
- is better to file jointly or separate tax return
- benefits of filing jointly vs separately
- is it beneficial to file taxes jointly or separately
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What could be more romantic than discussing taxes?
Tax season is officially behind us, but it's never too early to plan for next year, and a question you and your significant other may want to ask is: Should we file our taxes jointly or separately?
It's the age-old quandary couples face each year because of the benefits and drawbacks that come with each option. A simple coin toss to decide which route to take could end up being more costly or cause you to miss out on hefty tax credits and deductions, leading to a smaller tax refund.
For instance, the standard deduction for married couples filing jointly was $29,200 this year versus $14,600 for separate filers.
For newlyweds who aren't yet homeowners this mattered a lot since it likely made more sense for them not to file an itemized return and take the standard deduction, said Tim Speiss, a certified public accountant and partner of EisnerAmper in New York.
But there are many more considerations to take into account before you make your final decisi
- is filing jointly better than single
- is it better to file jointly or head of household