Did you know that married couples are eligible for several significant tax breaks when they file their yearly tax returns together?<\/p>\n\n\n\n
In a majority of cases, the benefits of filing jointly are something that married couples will want to take advantage of. However, there are some cases where filing separately can have more advantages than filing together.<\/p>\n\n\n\n
If you’re unsure whether you should use joint or separate filing, read on. We’ll explain the benefits and help you decide if your situation merits using single filing to get your best refund.<\/p>\n\n\n\n
Even if you were married on the last day of the tax year, you still qualify to file jointly and receive the benefits and deductions allotted to married filers. This means you can take advantage of a joint return even if your incomes were not intermingled for an entire tax year.<\/p>\n\n\n\n
Couples in domestic unions or civil partnerships are not eligible for joint filing.<\/p>\n\n\n\n
If you file with your spouse, there are many opportunities for tax breaks that you can take advantage of. In fact, the IRS gives those filing joint returns one of the best standard deductions you can take each year. This allows you to deduct a sizable amount of both incomes right from the start.<\/p>\n\n\n\n
Couples filing together can typically take two exemption amounts, one from each income pool. They also might qualify for multiple tax credits more easily. Some of those tax credits include:<\/p>\n\n\n\n
Joint filers benefit from a higher income threshold for certain kinds of taxes and deductions<\/a>.<\/p>\n\n\n\n This means they can earn a larger income as a unit and still earn extra tax breaks. This is especially beneficial if one person of a couple has a significantly lower income than the other because it provides for the higher earner to be eligible for some of the same credits as their spouse even if they typically would not qualify.<\/p>\n\n\n