Tuesday, August 2, 2011

Tax Tuesday: Can I ever save tax by filing a separate return instead of jointly with my spouse?

You sometimes may benefit from filing separately instead of jointly. Consider filing separately if you meet the following criteria:
  • One spouse has large medical expenses, miscellaneous itemized deductions, or casualty losses.
  • The spouses' incomes are about equal.
Separate filing may benefit such couples because the adjusted gross income "floors" for taking the listed deductions will be computed separately.

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