(Smart Money) — When you get married, your tax situation changes – for better or for worse – and there are decisions to make regarding how the two of you should file. Here are the most important things to know. Your marital status on Dec. 31 determines your tax filing options for the entire year. If you’re married at year-end, you have only two choices: (1) File jointly with your new spouse, or (2) Use married filing separate status for a separate return based on your income and your deductions and credits. Most married couples file jointly. Here’s why: It’s simpler. You have to file only one Form 1040, and you don’t have to worry about figuring out which income, deduction and tax credit items belong to which spouse. Other things being equal, simple is good!
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