Married filing jointly vs separately calculator

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?

It's the age-old quandary couples face each year because of the benefits and drawbacks that come with each option.

Disadvantages of married filing separately

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

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