joint return

joint return definition - business

joint return

A single income-tax return filed commonly by a husband and wife. In a joint return, the tax liability is calculated on the premise that each spouse has contributed equally to the reported income. A joint return is especially advantageous for couples in which one spouse has considerably more taxable income than the other spouse. Compare separate return.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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