Choosing The Right Filing Status for Married Couples

To file separately or to file jointly, that is the question.

If you were married this past wedding season, congrats! And now is a good time to think about how you’ll file your taxes in 2015.

As a legally married couple, you now have 2 filing options:

1. Married Filing Jointly
2. Married Filing Separated

Married Filing Jointly
Basically, this is what it sounds like, you and your spouse agree to combine your income and deductions and file as one. How romantic, right? Filing jointly may help reduce your taxes by raising your standard deduction and being eligible for benefits that filing separately is not eligible for. Also, filing together means you share the responsibility for the return, both being responsible for audits and penalties.

Married Filing Separately
The main advantage here is if you want to keep the responsibility separate. For some couples’ situation, this is a better option for them.

We’re here to help you decide what the best filing status is for you. Give us a call today!