6 Tax Tips For Filing Returns If You Are Married

Getting married or just got married then you need to think about whether you want to file tax returns jointly with your spouse or singly. The Irs gives individuals the choice. However, filing jointly agreeing to tax gurus has more advantages than filing the tax returns singly.

Before you take any decisions you must study the pros and cons of the two choices carefully and conclude what is best for you and never follow guidance because a financial whiz recommends it.

The Irs considers an private as married if you are legally married on the last day of the year. So, read straight through all the rules and discuss the issue with your spouse. A joint return means you and your spouse need to sign the joint return and club all your finances and savings together. agreeing to the Irs, the tax payable on a joint return may be lower than the tax payable on two private returns.

In a joint return filed by married couples:

o The approved return may be higher.

o And tax benefits not applicable to private tax returns would apply.

The Irs publication 501 Married Filing Jointly gives details.

In a joint return, both spouses contain all the revenue clubbed together and all the applicable deductions and credits. In a joint tax return both spouses must sign the return and accept full responsibility for the accuracy and completeness of the tax return details. In case of joint returns both individuals must jointly accept responsibility for cost of taxes, interest, or penalties irrespective of who earned the money. The only exceptions are: innocent spouse relief, divorce of liability, or equitable relief.

To file a joint return you must be legally married as of December 31st of the tax year and incase one partner in the marriage died during the year you can still file a joint tax return except if you divorced or remarried during the year under observation for tax return.

o To file a joint return you must check the married filing jointly box gift on line 2 of forms 1040, 1040A or 1040Ez.

o Joint filing is a great benefit if one spouse has a important income.

o Consider filing individually if both spouses work and have large incomes and itemized deductions.

o Find out about filing a tax return as the head of household if your wife does not live with you but there are children from the marriage.

Filing federal tax returns just means that you need to be systematic, know which forms to fill, get all the documents and forms you need in order and use easily ready quick tax facts to ensure that you are not missing any prominent items.

The deadline for filing tax returns for 2006 is Tuesday April 17, 2007 because April 15th is a Sunday and April 16th is a holiday "Emancipation Day." Keep in mind that after the Irs printed and distributed forms for 2006 the Congress in the Us passed the "Tax Relief and health Care Act" which extended some tax breaks that expired in 2005. So, check the Irs website for eligibilities and details before filing your tax forms.

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