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However, there are tunes when married couples can save taxes by filing separate returns. If one spouse has large medical expenses or casualty losses and moderate income and the other spouse has few medical or casualty deductions and relatively high income, the expenses may not be deductible if they file jointly but will be deductible if they file separately. In certain cases where one spouse has capita* gains and the other has capital losses, filing separately may give an overall lower tax.
In cases where one spouse wishes to limit his or her liability to only his or her facts and figures, separate returns may be advisable. When joint returns are filed, both spouses are liable for the entire amount of the tax, as well as any penalties and interest. With separate returns, each spouse is liable only for the tax liability, penalties, and interest on his or her own return.
A decision to file a joint federal return should not keep, you fi$ip evaluating the benefits of filing separately on state tax returns if your state allows that option.
Once you’ve filed your returns you may, with amended returns, change from separate filing to joint filing, but you may not switch from a joint return to separate returns. Consult your tax advisor for assistance in making the selection that will give you the lowest overall taxes each year.
Q. Earl Yancey, CPA, is a Viewtown resident and maintains his accounting practice in Warrenton.
Veterans to
get checks
Veterans benefit checks will take on a new look beginning April 1. A lightweight paper check will replace the familiar green punched-card check issued by the federal government for the past 40 years.
The change is part of a national conversion to paper checks being implemented by the U.S. Department of Treasury.
More than four million checks each month go to veterans, spouses and dependent children in compensation, pension, educational or insurance benefit payments. Bi-weekly paychecks for Veterans Administration employees around the country will also take on the new look.
The change to paper checks was made because of changes in technology which made the punched-card check system obsolete. The new check, which contains more than a dozen security features, is more difficult to alter or counterfeit, according to Treasury officials.
The check’s design features a full-length reproduction of the Statue of Liberty on the left and a muted close-up of the Statue’s head and torch on the right. The check’s colors range from light blue to pale peach with the letters “USA” creating a background pattern.
Many veterans and VA employees will not notice the change since 37 percent of those receiving compensation or pension benefits and 47 percent of the employees get thenmoney via electronic transfer, a program strongly encouraged by the VA.
The government issues 600 million checks annually. Social Security payments and Internal Revenue Service tax refunds were previously converted. Payments for Supplemental Security Income, Railroad Retirement, Civil Service Retirement and other federal employees will also change to the new check on April 1.
Special publicity efforts are being made to alert government check recipients to the change to avoid confusion.
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