What Are the Benefits of Filing Married for Taxes?
You have to select "married" status in order to file a joint tax return. Unless your spouse has a lot of unpaid debts that could possibly be withdrawn from your refund, it's almost always better for couples to file a joint tax return.
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Time & Money
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Filing a joint tax return saves you the trouble and expense of preparing two returns.
Tax Liability
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Married taxpayers have a lower tax liability than single taxpayers.
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Deductions
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Unless you itemize your deductions, married taxpayers can claim the largest standard deduction.
Credits and Adjustments
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If you're married and don't file a joint tax return, you forfeit certain credits such as child and dependent care credit.
IRA Benefits
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Even if your spouse isn't working, he or she can still contribute to an Individual Retirement Account (IRA) if you file jointly.
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References
- Photo Credit Image by Flickr.com, courtesy of Dan Foy
