Should married couples file their taxes separately or jointly?

It’s tax time again. 

There can be a benefit to married couples who file jointly, especially if they have children – but don’t assume that’s the way to go. There are some exceptions to that rule. For example, if your little tax deductions have grown up and flown the coop, you may need to change your filing habits. Empty nesters should run the numbers both separately and jointly before they decide how to file. 

Another exception is a married couple whose income was significantly lower or higher last year. Again, you’ll want to run the numbers both ways before determining which way to file. You’ll need to calculate potential savings at both the federal and state levels.