Some of the Pros and Cons of Couples in Georgia Filing Taxes Jointly
When looking for accounting services in Buford, one of the questions couples have is whether they should file their taxes as a married couple or individually. Many spouses like to keep their finances separate, so they feel it is best to file their taxes individually.
However, when you consult a professional who offers accounting services in Buford, you will see that it is possible for a husband or wife to have separate bank accounts and still file jointly as long as they are married. Filing separately is possible, but there are several tax advantages that couples who file jointly receive.
For example, couples who file jointly can get a larger standard deduction. Couples who file jointly can take two exemptions. And couples who file jointly are able to take advantage of earned income tax credits.
When a couple files separately, they reduce the amount they are allowed to save for retirement tax-free. That being said, there are some benefits that could come from filing separately. For example, consider a major medical cost. Filing jointly could mean that as a couple your income is too high to deduct this medical cost. Filing individually may make it possible to deduct this high expense, thereby minimizing your taxes.
There are several pros and some cons to filing jointly. What is required will vary based on your particular situation.
Learn more about how The Georgia Tax Guy is helping couples file taxes in a way that is best for their financial health by visiting this website.