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When filing jointly, "each spouse is responsible for the entire tax due," adds Guglielmetti. Filing separately keeps those responsibilities separate, and you're only responsible for your own.
If you would save more on your taxes by filing separately: This may seem like a no brainer, but if you run the numbers and filing separately would save you more money, then you should probably go that route. To find out which status would benefit you the most, "you can run a side-by-side comparison — or have your tax preparer run it for you — with the outcomes of each filing status," Guglielmetti says.
If you're still unsure of which status makes the most sense for you, you should "consider getting expert tax advice from a CPA or Enrolled Agent," which is a federally-licensed tax practitioner, says Kaleb Paddock , a certified financial planner at Ten Talents Financial Planning.
Like this story? Skip Navigation. Jennifer Liu. Filing joint typically provides married couples with the most tax breaks. Another reason to consider filing together is that joint filers are often eligible to receive meaningful savings in the form of tax credits, such as: The Earned Income Tax Credit EITC , which is designed to "benefit for working people with low to moderate income.
The American Opportunity and Lifetime Learning Education Tax Credits , which reduces the amount of taxes owed by those who are attending college, or have a spouse or child with college or graduate school tuition costs. Reimbursement or refund for adoption expenses when legally adopting a child. The Child and Dependent Care Tax Credit , which can help offset your child-care costs if you are working and must pay a caregiver to look after your child so long as they're younger than 13 or a disabled spouse.
VIDEO Nearly a third of millennials would end a relationship for a raise. You may have heard of the "marriage tax" or the "marriage penalty. The so-called marriage penalty is the higher total tax some taxpayers may pay due to provisions in the tax code.
Most limits and phase-out ranges are higher for a married couple than for a single person, but they may be less than two times the amounts for a single person. If you are married and living with your spouse, you must file as married filing jointly or married filing separately. You cannot choose to file as single or head of household. However, if you were separated from your spouse before December 31, by a separate maintenance decree, you may choose to file as single.
You may be able to file as a head of household instead of as married if you meet certain qualifications to be considered unmarried. You must be a U. The child must be your dependent, or a child who would have been your dependent except that you released the dependency to the other parent.
In addition, your spouse must not have lived in the home during the last six months of the year. When you get married, it's a good time to check your income tax withholding and make sure you're not having too much - or too little - withheld from your paycheck.
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