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Tax Tip for Married Couples

Tax Tip For Married Couples

Just because you've promised to be there for your guy through good times and bad, it doesn't mean that filing jointly is the best option for you. You want to pay the least amount of taxes overall, so make sure you run the numbers for filing jointly and separately before opting for one or the other. When would you consider filing separately? To be eligible for certain deductions, couples may benefit from this type of filing if one of you has large medical expenses or business expenses, or if one of you had significant theft losses.

It may be a good idea to ask for professional help the first time you file taxes after marriage to ensure that you're filing in such a way that will get you the lowest overall tax bill. Remember to check out our tax prep giveaway! When you're filling out your tax returns for 2007, keep in mind that your tax status is determined by your marital status on Dec. 31, 2007.


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