Tag: joint

  • Reasons Why Married Couples Might Want to File Separate Tax Returns

    Reasons Why Married Couples Might Want to File Separate Tax Returns

    Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable…

  • What Is Your Taxpayer Filing Status?

    What Is Your Taxpayer Filing Status?

    For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December…

  • What Will Your Marginal Income Tax Rate Be?

    What Will Your Marginal Income Tax Rate Be?

    While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing…