Married filing separately rules

What could be more romantic than discussing taxes?

Tax season is officially behind us, but it's never too early to plan for next year, and a question you and your significant other may want to ask is: Should we file our taxes jointly or separately?

Married filing jointly vs separately calculator

It's the age-old quandary couples face each year because of the benefits and drawbacks that come with each option. A simple coin toss to decide which route to take could end up being more costly or cause you to miss out on hefty tax credits and deductions, leading to a smaller tax refund.

For instance, the standard deduction for married couples filing jointly was $29,200 this year versus $14,600 for separate filers.

For newlyweds who aren't yet homeowners this mattered a lot since it likely made more sense for them not to file an itemized return and take the standard deduction, said Tim Speiss, a certified public accountant and partner of EisnerAmper in New York.

But there are many more considerations to take into account before you make your final decisi

should i file my taxes jointly or separately canada

should i file taxes joint or separate