Should Married Couples File Joint or Separate Tax Returns? Pros and Cons to Weigh

Married couples must decide whether to file joint or separate tax returns. Joint returns combine incomes; separate keeps finances separate.

Filing separately (around 2% of filers) can be beneficial if spouses want to isolate tax liability or have very different incomes/deductions.

Filing separately causes loss of some tax credits and lower standard deduction. Also more complicated in "community property" states.

If married at any point in the tax year, you can file jointly. If married in new year, must wait until next year.

Consider help if uncertain; use IRS tool to determine status. Overall, filing jointly typically most beneficial if married.