WASHINGTON – Should you file your income taxes jointly or as a married person filing single?
Whether you are married at the end of the year or at the beginning, the Internal Revenue Service sees you has married.
If you’re wondering whether filing jointly will save you the money, the answer depends.
If one spouse made a lot more than the other, SmartMoney.com reports it may be worth it to file jointly.
For married couples filing jointly, there are a number of tax breaks, including IRA contributions, college tuition deductions and child and dependant care tax credits.
If one of you self-employed and the other isn’t, you may want to file separately. The same goes if both of you have your own businesses.
The best rule is to explore both options.
Follow WTOP on Twitter.
(Copyright 2012 by WTOP. All Rights Reserved.)
