While most married couples default to filing jointly, there are some instances where filing separately makes more financial sense.
Here are some of the top instances when it makes more financial sense to file separately:
- If your incomes are about equal it may make more sense to file separately.
- If you or your spouse have large medical expenses you may opt out of filing jointly.
- If your income qualifies you for your student loans, you may opt to file separately.
- Additionally, if one spouse has casualty losses or several miscellaneous deductions it may also make more sense not to file jointly.
- Lastly, if one spouse does not want to carry the tax liability for the the other (for example during the separation or divorce process) it may benefit them to file as married filing separately.
Got tax questions? Look no further! Peter Witts CPA PC has 20+ years of experience. Call us now for expert guidance on all your tax concerns.
I’m Kristin, the PWCPA PC Customer Success Specialist. For more information about this topic, or any other, you can always reach me through our customer ticketing system.
