Should You File Jointly? IRS Tax Attorneys Say It Depends
Getting married means you get to share almost everything with your spouse – your life, a home, food, bills, and more. But one thing you don’t have to share is your tax return. The truth is, it just depends on your preference on if you would rather file jointly or alone, but an IRS tax lawyer can help you figure out what is best for your situation. There are only 5 percent of people who are married that file taxes separately according to the Internal Revenue Service. It’s odd that this percentage is so low when in actuality it may be more beneficial for you both to file separately. Certified Public Accountant, Joseph Boyce stated, “ About 95 percent of married people are better off filing jointly. It’s a lower tax rate. Married filing separately is actually the highest tax rate.”
When it comes to paying medical expenses out of pocket, taxes begin to get more complicated for couples filing jointly. If you happened to have a $17,000 or more out-of-pocket medical expense – things are now going to get tricky. The Internal Revenue Service only allows 10 percent of your adjusted gross income (AGI) to be deducted from these expenses. If you and your loved one have a high AGI, then it may be best to file separately so that you two can even qualify.
If you believe that your spouse may have information that is incorrect or inaccurate on the tax returns, and file together, you will have to deal with the repercussions of that too. If you don’t mind the possibility of an expensive mistake than go for it – otherwise really think about it.
What will your status be?
Luckily you have the ability to try out both filing status and see which one works best for you and your spouse. Seeking out an IRS tax attorney can make this process go a lot smoother than if you were to do it by yourself. Check out the IRS tax lawyers in your area to learn more about whether you are filing the correct status on your tax return.
Latest posts by Tax Tiger (see all)
- Minneapolis Tax Attorney on What to Do About Costly Tax Bill - April 19, 2016
- Sacramento Tax Attorney Found 5 Great Tax Refund Uses - April 19, 2016
- IRS Tax Lawyers Say Follow 3 Steps When Tax Planning - April 19, 2016