QUESTION
What is the difference between filing for taxes jointly or separately? How?
Asked on Jul 14th, 2015 on Taxation - California
More details to this question:
I am getting married, and I was wondering how this will affect my taxes. He makes significantly more money than I do (almost 4 times as much), but I have investments worth about what he makes in a year. Will this affect how much we owe together? What is the difference between filing jointly and separately?
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Filing your taxes jointly will, in almost every situation, reduce the total tax bill for a married couple over married filing separately. There are several differences, many credits and deductions are limited for married filing separately. he main advantage of filing separately is that one spouse isn't liable for the other spouse's taxes. This could be a significant issue if the other spouse is hiding income, inflating deductions or simply not paying the taxes.
Answered on Jul 20th, 2015 at 1:02 AM
Taxation Law Attorney serving Glendale, CA
at
Irsfeld, Irsfeld & Younger LLP
Update Your Profile
Filing jointly results in lots of changes, most of which will save you money. Plan to file joint.
Answered on Jul 14th, 2015 at 2:37 PM