How Newlyweds Should Decide on The Biggest Tax Question of Their Marriage

Wild Card: Tax Brackets

This was mentioned above, but should be reiterated. It is possible that your spouse's earning could put you in a higher tax bracket, thus exposing you to higher taxable income. If you're filing separately however, this won't be an issue for you. Talk to a professional to crunch the numbers before making a decision based on tax brackets.

Something to consider: You must file the same way.

If you and your spouse file separately, you still have to file taxes in the same way. That means if your spouse itemizes, so must you. If your spouse goes with the standard deductions, you'll have to do the same. That means that you still have to be on the same page with how to file taxes -- so if you were filing separately because of a disagreement on how to file, then this won't help you.

Potential Con: You're not eligible for your spouse's deductions

If your spouse is taking deductions such as the student loan interest deduction, then you won't be able to benefit from these deductions if you file separately. This could end up costing you money as a couple if the deductions taken off a joint return could result in greater savings.

Conventional wisdom veers toward advising married couples to file their taxes jointly. However, everyone has a totally unique situation, so it's best not to adhere solely to conventional wisdom. Weigh the pros and cons, talk to your spouse, and seek the help of a financial professional at least once before you decide. That way you can know for sure that you're making the right decision for yourself and for each other.

This work is the opinion of the columnist and in no way reflects the opinion of ABC News.

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