Some big changes come with getting married, and that includes your taxes. For the first time, you have the option to file jointly or separately. How romantic!
While the IRS recommends that married couples file jointly, there are some occasions where it could be beneficial for you and your partner to submit separate tax returns.
First, let’s talk about the advantages of filing jointly.
Advantage of Filing Together
While in most situations, it would benefit you and your spouse to file your taxes together, there are some exceptions to this rule.
When Should You File Separately?
If you aren’t sure which option would be more beneficial for you and your partner, try preparing your taxes both ways and see which one provides you with a larger return.
If you have any questions, please feel free to contact the office and we can discuss further.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
Tax Season is Coming Up
February 10, 2021