Reasons why married couples might want to file separate tax returns - Crawford Ellenbogen

Married couples often wonder if they should file joint or
separate tax returns. It depends on your individual tax situation. In general,
you should use the filing status that results in the lowest tax. But keep in
mind that, if you and your spouse file a joint return, each of you is “jointly
and severally” liable for tax on your combined income (as well as any
additional tax the IRS assesses, plus interest and most penalties). Therefore,
the IRS can come after either of you for the full amount. In most cases, joint
filing offers more tax savings but some people can save by filing separately.
We can look at both options. Contact us to prepare your tax return or if you
have questions.