{"id":8351,"date":"2023-03-29T08:00:07","date_gmt":"2023-03-29T00:00:07","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=8351"},"modified":"2023-03-29T22:58:37","modified_gmt":"2023-03-29T14:58:37","slug":"i-do-tax-returns","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/i-do-tax-returns","title":{"rendered":"Should You Get Joint Or Separate Income Tax Filing As A Couple?"},"content":{"rendered":"
Most people have the perception that a couple enter into a wedded bliss \u2013 the most perfect and romantic time of a couple\u2019s life together \u2013 right after their wedding.<\/p>\n
Along with its many joys, marriage brings new challenges. Like it or not, saying the words \u201cI do\u201d means committing, among other things, to making joint decisions. One such decision relates to taxes \u2013 more specifically, whether to file separate or joint tax returns.<\/p>\n
Choosing the appropriate filing status is a major tax decision for newlyweds. According to Section 45 of Malaysia\u2019s Income Tax Act 1967, all married couples in Malaysia have the right to choose whether to file individual or joint taxes.<\/p>\n
So, which tax status should you choose? Both have their advantages and disadvantages, but here are some facts to help married couples make an educated decision.<\/p>\n
As a general rule of thumb, if both husband and wife draw high incomes in the year of assessment, it is always advisable to opt for separate assessment to leverage on the tax reliefs and deductibles available.<\/p>\n In the event of separate individual assessment with children, it will be more worthwhile to claim for child relief under the spouse with the higher income.<\/p>\n<\/a><\/p>\n