Married couples have the option to file a joint tax return or separate tax returns. In general, a joint return results in lower overall tax and provides tax benefits not available to other filing statuses. Separate returns, however, limit your income tax liability to the tax and penalties from your own return, not your spouse's return.
The first income tax return you file as a married couple designates the election that you will use. However, you can switch between joint and separate statuses according to certain rules and within certain time limits.
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If you and your spouse agree to file a joint return, you can elect the "Married Filing Jointly" filing status. Report all of your combined income and deductions, even if one spouse had no income or deductions. This status may provide higher standard deductions, tax benefits not available to other filing statuses and a lower overall tax owed to the Internal Revenue Service. You and your spouse will be held individually and jointly accountable for any tax and penalties owed from the combined return.
