Filing taxes is a complex process that can become even more complicated during a divorce. Deciding whether to file jointly or separately is a critical factor that can have a significant impact on your finances. To make an informed decision, it is important to understand how IRS rules and state laws affect your tax filing status. An experienced Kane County, IL divorce attorney can provide guidance throughout this process to help ensure your financial and legal interests are protected.
What Does It Mean to File Taxes Jointly or Separately?
When you jointly file taxes, both spouses combine their income, deductions, and credits into a single tax return. This option is available if you are still legally married as of December 31 of the tax year.