Submitted By: Brittany
Answered: May 26, 2016 11:07 am

Should I file jointly or separately with my spouse?

This is a perennial tax question. Usually filing jointly saves a couple taxes. And joint filing is required in order to use certain tax breaks. However, there are instances where filing separately makes sense. Strategy: Figure the taxes both ways (joint/separate) and choose the option that saves you and your spouse the most money. But money aside, if you are concerned about the tax liability of your spouse, separate filing avoids joint and several liability for the taxes on a joint return.

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Tax Glossary

Like-kind exchange

An exchange of similar assets used in a business or held for investment on which gain may be deferred.

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