While the vast majority, nearly 95% of married couples file a joint tax return, there are a few good reasons why this isn’t always the best option. While it may be cheaper to file together, splitting up returns might be a more prudent strategy. Here are a few times when it could behoove you and your spouse to file tax returns separately.
#1.) Income-Based Student Loan Payments
#2.) Major Medical Expenses
#3.) IRS-owing Marital Partner
#4.) High Earning Spouse
#5.) Residence in a Non-Community Property State
At Gebauer and Company in Longmont, Colorado we can advise you on the best way to file your tax return, whether as a unit or separately. Our qualified CPAs are here to help you save money and achieve the most prosperous financial state possible. Our accounting professionals will make sure your tax returns are filed with your future in mind.
Please feel free to contact us to setup a time for a free consultation.