| They say the world works on a concept known as | | | | alone can be a test on a relationship, but taxes are all |
| balance. To counterbalance the joys of your | | | | about saving money. Essentially, the situation boils |
| honeymoon, you get the misery of filing a joint tax | | | | down to deductions. If you itemize, but lose deductions |
| return with your spouse. | | | | under the joint filing, it is time to file separately. The only |
| If you have recently married, you are hopefully living a | | | | way to tell [groan] is to actually prepare the tax returns |
| blissful life of humor and happiness. The birds are | | | | for each situation. Hey, nobody said taxes were fun. |
| singing, everyday is sunny and so on. Alas, there is one | | | | If you really want to tackle a tough issue, there is one |
| event each year that brings the joy of newlyweds to | | | | other time when you should definitely file separately. |
| a screeching halt. That event occurs when you must | | | | Since you can't slap me through the computer, I can tell |
| sit down and file a joint tax return. Somewhere, a | | | | you it is when your marriage is on the rocks. The |
| divorce attorney is smiling. | | | | reason has to do with joint liability. You and your |
| Before you and the spouse start shouting at each | | | | spouse are jointly liable for all taxes you owe the |
| other, it probably makes sense to figure out how you | | | | government. If one of you does not pay, the IRS will |
| will file. Essentially, you have two choices. The first is | | | | look to either of you to get its money. When marriages |
| known as married filing jointly and it usually the best | | | | go bad, the failure to pay taxes is often used by a |
| way to go. The second is married filing separately and | | | | disgruntled spouse for revenge. While filing separately |
| often results in higher taxes being paid. Yes, this all | | | | makes logical sense, marriage problems are not logical. |
| takes into account the "marriage penalty" for taxes. | | | | Give a lot of thought to the process before bringing |
| The media has the problems backwards. | | | | this issue up. |
| There is, however, one instance when going with | | | | In general, filing jointly is the way to go in most |
| married filing separately may definitely make sense. | | | | marriages. There are instances that call for filing |
| The situation occurs where there is a serious | | | | separately, just be very careful about how you |
| imbalance in the earnings of each spouse, to wit, one is | | | | approach them! |
| making a lot more than the other. Mentioning the issue | | | | |