Poll
How much money do you spend on health insurance (from your income)?
0-5%
5-10%
10-15%
15%+
Do not know
Do not have insurance

 
Link exchange
Are you interested in link exchange? Contact Us
Home » Taxation
Complexity of Filing Joint Tax Returns
Category :- Taxation

Author :- alexis 
* Please rate and share the article if you find it interesting *

Posted on December 24, 2015, 11:20 am
(2 Ratings)

Tax return is a complex issue. Different situations in our life affect the way we can file tax returns in Mississauga. There are different rules for an individual filing tax return and something other for people who have just undergone divorce.


One of the biggest questions faced by couple who have recently undergone divorce is whether to file separate or joint tax returns?


The simple answer to this question is you can file joint tax return only when you were still married when the tax year came to an end. Consensus of both the parties involved in the divorce must agree for joint return and sign the related documents.


You are supposed to tick mark the box that you are filing the tax return as married couple. Joint tax returns cannot be filed by domestic partners and same sex couples.


Now there are certain points to consider ascertaining whether you fall in married or divorced category. In case you are not living together anymore, but there is no written decree that shows that your relation is terminated than you will have to file tax returns in Brampton as married couples.


You will be considered as single only when your divorce has been accepted and termination of your marital status has been done.


Now there are both benefits and drawbacks of filing tax returns in Brampton as joint and this is something which should be discussed by your attorney or tax advisor. Depending on individual income, credits and deductions, your tax returns can be lower or higher. The main drawback of filing joint tax return is that you are equally responsible for the tax liabilities of your spouse, this includes penalties, interest and tax deficiencies. This tax return can also be used by a spouse as a bargaining tool and agreement of both parties is required to come with a result.


In case there is a joint liability for a child, the matter of tax return has to be moved to a court in coming out with an agreement.
 


Site (source)  : https://www.handt.ca/
Email to contact  : social@handt.ca
Contact Tel  : 9058580775
Facebook  : https://www.facebook.com/HandTAccountingServices
Twitter  : https://twitter.com/HandT_ACCNTG
Rate this article   

Sort»
Business Insurance for Home-Based Businesses
Many people believe that their homeowners or renters insuran....
(0 Rating)
--------
Protect Your Company With The Right Commercial Insurance
Commercial insurance is a necessity for every company, but c....
(1 Rating)
--------
Understanding the Different Types of Business Insurance
InsurEye helps business owners understand what they need and....
(1 Rating)
--------
No Medical Insurance Means Coverage Despite Pre-Existing Conditions
Having a pre-existing medical condition does not exclude you....
(0 Rating)
--------
In which situations you can apply for a car title loan?
Life throws us challenges that are tough to get through. The....
(2 Ratings)
--------
We do not like ads, banners, Google ads or any other kind of promotion. We promise to never put such ads on our site.
 
Greengeeks.com-Leading Web Host Provider
Our web provider, has very reliable support (: 2013)

Contact us for more details

Canadian Financial Articles Directory has business articles about banking, tax, legal matters, insurance, credit and debt, business matters, personal finance, investments etc. Submit your financial article today!


ABOUT THE SITE

AUTHORS/READERS