Here are some things to consider that may save you some money when filing your state and federal income taxes:
1. Filing Joint or Separate Returns
Typically it works out better financially for couples to file a joint return because the IRS does give joint filers one of the largest standard deductions. However, there are times when it is better to file separately, and here are the top reasons why you may want to:
- One person has a high amount of losses to claim
- One person has a large amount of out-of-pocket deductible medical expenses