What is the difference between filing for taxes jointly or separately? How? 3 Answers as of July 20, 2015

I am getting married, and I was wondering how this will affect my taxes. He makes significantly more money than I do (almost 4 times as much), but I have investments worth about what he makes in a year. Will this affect how much we owe together? What is the difference between filing jointly and separately?

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Ronald K. Nims LLC | Ronald K. Nims
Filing your taxes jointly will, in almost every situation, reduce the total tax bill for a married couple over married filing separately. There are several differences, many credits and deductions are limited for married filing separately. he main advantage of filing separately is that one spouse isn't liable for the other spouse's taxes. This could be a significant issue if the other spouse is hiding income, inflating deductions or simply not paying the taxes.
Answer Applies to: Ohio
Replied: 7/20/2015
Polsinelli Shughart PC | William B. Prugh
A joint tax return is one where you combine all sources of income and pay taxes at rates lower than individual rates. Filing separate is just the opposite where spouses file a separate tax return. The best way to analyze it is to go online and prepare a tax return for each option and see which option is lower.
Answer Applies to: Missouri
Replied: 7/14/2015
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
Filing jointly results in lots of changes, most of which will save you money. Plan to file joint.
Answer Applies to: California
Replied: 7/14/2015
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