Advantages of filing jointly
There are many advantages to filing a joint tax return with your spouse. The IRS gives joint filers one of the largest standard deductions each year, allowing them to deduct a significant amount of their income immediately.
Couples who file together get to deduct two exemption amounts from their income and they qualify for multiple tax credits such as the:
- Earned Income Tax Credit
- American Opportunity and Lifetime Learning Education Tax Credits
- Exclusion or credit for adoption expenses
- Child and Dependent Care Tax Credit
Joint filers also receive higher income thresholds for certain taxes and deductions – this means they can earn a larger amount of income and still qualify for certain tax breaks.