Married Filing Jointly: An Overview Of Tax Benefits
Married Filing Jointly Vs. Separately A CPA Weighs In from www.forbes.com Married filing jointly is a tax filing status that allows married couples to file a single tax return. It is one of five filing statuses recognized by the Internal Revenue Service (IRS) and is the most common filing status for married couples. Married filing jointly is available to any married couple, regardless of the sex of their partner. This filing status offers a number of tax benefits, such as higher standard deductions, higher income thresholds for certain tax credits, and lower tax rates for higher-income couples. This article provides an overview of the tax benefits associated with married filing jointly. Standard Deduction The standard deduction is a set amount of income that is exempt from taxation. Married couples who file a joint return can take the greater of the two spouses’ individual standard deductions or a single, larger joint standard deduction. The joint standard deduction is higher than ...