Tag Archive: joint tax returns

What every spouse should know before signing a joint return

Written by May 6, 2015

The advantage of filing a joint tax return is well known – you generally save money compared to filing separately. However, there is at least one potential disadvantage. Both spouses are jointly and severally liable for the entire income tax bill, including interest and penalties, even if one earned most or all the income. This issue most commonly arises when...