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

Private letter ruling

A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.

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