Tax tips for newlyweds

As April 15 draws near, it's time for many newlywed couples to file taxes together for the first time.

"It is important for married couples to know the advantages and disadvantages of filing jointly or filing separately," said Mike Trainor, president and CEO of Jackson Hewitt. "As a married couple, you have the choice to file married filing jointly or married filing separately. Before this decision is made, determine which status offers you the greatest tax advantage."

Married Filing Joint Return

• Couples find it most beneficial to file as "Married Filing Jointly."
  
• "Married Filing Jointly" will usually result in a lower tax liability.
  
• You may file a "Married Filing Jointly" return even if only one spouse has income.
  
• Couples report their combined income and deduct their combined allowable deductions.
  

Married Filing Separate Return

• If you and your spouse each have about the same income, as well as certain itemized deductions, "Married Filing Separately" may result in a lower tax liability.
  
• This status may be better if either spouse wants to be responsible only for his or her own tax liability.
  
• If the couple has been living apart during the last six months of the tax year, one spouse may qualify as head of household when certain conditions are met.
  

Divorced Persons

• State laws govern whether you are married, divorced, or legally separated under a decree of separate maintenance.
  
• If divorced under a final decree by the last day of the year, you are considered unmarried for the whole year.
  

Annulled Marriages

• You are considered unmarried for this and any previous tax years. You must amend your tax returns for all the tax years not affected by the statute of limitations to show this change in marital status.