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.”
Filing taxes jointly is a whole new ballgame from filing single. Knowing when to file by yourself opposed to with your spouse in entirely up to you – but sometimes there is a financially better way.
Signing a joint income tax return is a big commitment to make because you are now liable not only for yourself but also for any and all of your spouses debt as well. And if they make a simple mistake – you will now be affected by it. This is one easy way IRS wage garnishments occur – from tiny-overlooked mistakes. While it doesn’t always happen, it is good idea to get help from professional tax services if you are not entirely sure about you and your spouse’s taxes. But if you don’t mind taking the chances and you or your spouse bring up errors – you may be qualified to file for Innocent Spouse Relief.