PARSIPPANY, N.J. // PRNewswire-FirstCall // -- Couples who walked down the aisle in 2009 may still be in the "Honeymoon Phase," but during this time of the year, the decision on how to file their annual tax return is an important one that couples must make. This week's "Tax Time Tip" from Jackson Hewitt Tax Service® highlights key information that recent brides and grooms should keep in mind when filing a 2009 tax return.
This Week's Tip: Over two million* couples tie the knot each year, making them eligible for a new filing status. But before filing a joint return, new couples should evaluate what would be more advantageous given their individual tax situation.
"Newlyweds can choose to file as married filing jointly or separately based on their individual situation, but they cannot file as single," explains Mark Steber, Chief Tax Officer, Jackson Hewitt Tax Service Inc. "Usually using the 'married filing jointly' status provides the lowest tax liability and the highest standard deduction. However, if one of the filers has large deductions or expenses, the 'married filing separately' status may be more beneficial."
Steber reminds the newly-married about other tax considerations:
For assistance in determining the right filing status or filing a tax return for the first time as a married couple, call 1-800-234-1040 to find a nearby Jackson Hewitt office and to make an appointment.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with more than 6,000 franchised and company-owned offices throughout the United States, is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. Jackson Hewitt is based in Parsippany, New Jersey.
SOURCE Jackson Hewitt Tax Service Inc.