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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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supercoolnat supercoolnat 9 years
One more thing to note, the student loan deduction can only be taken if you're filing jointly.
kashore kashore 9 years
Leilanic1, you and your husband can refile your taxes to correct the mistake. You should look into that!
DesignRchic DesignRchic 9 years
My husband and I filed jointly after punching in the numbers in Turbo Tax and realizing it was better for us than filing separately.
Leilanic1 Leilanic1 9 years
i wish my husband and i had done this. he was all gung ho and filled out his taxes and sent them in before i had received all my paperwork. so now i owe $2000 and he is getting $7700 back! If we had filed together we probably would have gotten more back.
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