Should You File Taxes Jointly or Separately? Here’s What Married Couples Need to Know

For married couples, one of the biggest decisions during tax season is whether to file jointly or separately. While filing jointly is often the go-to option—thanks to its favorable tax brackets and access to credits—it’s not always the best move for every situation.

At Basso & Guida, we help married couples throughout Long Island’s East End and beyond make tax decisions that are tailored to their unique financial lives. Here’s a breakdown of the pros, cons, and considerations to help you determine the best filing status for your household.

The Two Filing Options for Married Couples

Once you’re legally married, you have two choices:

• Married Filing Jointly (MFJ)
  
  
• Married Filing Separately (MFS)
  
  

While most couples choose to file jointly, the decision should be based on more than just tradition—it should be based on your overall financial picture.

Why Most Couples File Jointly

Filing jointly typically provides better tax advantages, including:

✅ Lower Tax Brackets

Joint filers benefit from wider tax brackets, which often leads to paying less tax overall than if each spouse filed separately.

✅ Higher Income Thresholds for Credits

Many tax credits—including the Child Tax Credit, Earned Income Tax Credit, Education Credits, and others—have higher income limits or are only available to those who file jointly.

✅ Simplified Filing Process

Filing one joint return can save time and may cost less in tax preparation fees compared to preparing two separate returns.

When Filing Separately Might Be Better

While it’s less common, there are situations where Married Filing Separately makes more sense. This strategy can help protect one spouse from tax liabilities or maximize deductions under certain conditions.

✅ One Spouse Has Significant Medical Expenses

If one spouse has high medical expenses but a low income, filing separately could allow them to exceed the 7.5% AGI threshold for medical expense deductions more easily.

✅ Liability Concerns

If one spouse owes back taxes, child support, or has significant debt, filing separately can help shield the other spouse’s refund from garnishment.

✅ Different Deduction Strategies

In some cases, one spouse may benefit from itemizing while the other takes the standard deduction—though both must either itemize or take the standard deduction when filing separately.

🚫 Important Note: Filing separately often disqualifies you from many popular tax credits, and can result in higher overall tax liability. That’s why it’s critical to run the numbers before making the decision.

We’ll Help You Make the Smart Choice

The truth is, the only way to know whether filing jointly or separately is best is to analyze both scenarios side-by-side. That’s where we come in.

At Basso & Guida, we’ll run the numbers for both filing options and help you decide which one results in the best outcome—whether that’s saving money, avoiding penalties, or aligning with your financial goals.

Final Thoughts: One Size Doesn’t Fit All

While filing jointly is the right move for many married couples, it’s not a hard-and-fast rule. Your specific income, deductions, and life circumstances should always guide your decision.

📞 Schedule a tax consultation with us today and let’s find out what works best for you and your spouse. With Precision in Numbers and Passion in Service, we’re here to help you make the most informed—and beneficial—choice this tax season.