DO you have to file a together or can you do your taxes separately?
m&m
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Re: question about fileing taxes once married?...
I believe you have an option to file married joint or married separate. If you see a tax professional they may be able to show you which is the most beneficial for you.
snowprincess805
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Re: question about fileing taxes once married?...
turbo tax let us run the number married filiing jointly and married filing separately
it was better for us to file jointly because there is no marriage penalty for 2005 -it is normal to have 2 people working now
you are married for the year even if married on december 31
WedHead
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Re: question about fileing taxes once married?...
Do you know if you get penalized for making a certain amt. together - and if so, how much? TIA
snowprincess805
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Re: question about fileing taxes once married?...
the only way you get penalized is out of some of the credits for school and some of the energy ones
as for the the way the tax system works married filing separately - here is the table for 2005 0-7,300 - 10% 7,300-29,700 - 15% 29,700-59,975 - 25% 59,975-91,400 -28% 91,400-163,225 - 33% 163,225 and above - 35%
if your joint salary or single salary falls in say the 25% (making $50,000 singly) - then the first $7,000 is taxed at 10%, then the next $22,400 is taxed at 15%, and the remainder is taxed at 25% and three brackets are added together for total amount due
try this site to see what you would owe under different filings tax brackets
so going over into another bracket is not as bad as it used to be i believe - plus if you go over - try seeing if you giving to charity or your IRA will reduce that amount - contributions made early this year can count for last year
csorisi
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Re: question about fileing taxes once married?...
We filed jointly and ended up getting ALOT more money back then if we would have filed separately. Also we found out that if you pay for your wedding or the majority of it the sales tax is tax deductible.
shamrock12472
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Re: question about fileing taxes once married?...
You can file married jointly or married single. If you file MFS, both of you have to use the same method for deductions - ie - both of you have to itemize or both of you have to take the standand deduction. This could cause one person losing their deduction (s). Also, MFS, the phaseouts are much lower so you may lose out on some credits or deduction or be prohibited from making Roth or IRA contributions.
BHW
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Re: question about fileing taxes once married?...
Mrs. dleeny
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Re: question about fileing taxes once married?...
I changed my name right after Christmas. the woman at the CPA's office told me that since I changed my name in 2005, we had to file jointly.
Backinneyork
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We did it both ways, and got a bigger refumd by filing jointly.
MrsMadness
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Re: question about fileing taxes once married?...
Posted by Backinneyork
We did it both ways, and got a bigger refumd by filing jointly.
Same here
snowprincess805
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Re: question about fileing taxes once married?...
Posted by dleeny
I changed my name right after Christmas. the woman at the CPA's office told me that since I changed my name in 2005, we had to file jointly.
you always have the option to file separately if married - there are just limits on credits and deductions you can take
also it usally works out now that you save more money filing jointly
Blu-ize
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We did better filing jointly.
FallBride05
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we'll be filing jointly. DH says we'll get a better return that way.
Mrs. dleeny
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Re: question about fileing taxes once married?...
Posted by snowprincess805
Posted by dleeny
I changed my name right after Christmas. the woman at the CPA's office told me that since I changed my name in 2005, we had to file jointly.
you always have the option to file separately if married - there are just limits on credits and deductions you can take
also it usally works out now that you save more money filing jointly
yea, it did work out better for us
Sweetpea130000
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Re: question about fileing taxes once married?...
Posted by csorisi
We filed jointly and ended up getting ALOT more money back then if we would have filed separately. Also we found out that if you pay for your wedding or the majority of it the sales tax is tax deductible.
this is really good to know! THANKS!!!!!
Mrs. dleeny
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Re: question about fileing taxes once married?...
Posted by csorisi Also we found out that if you pay for your wedding or the majority of it the sales tax is tax deductible.
NO WAY! how is that possible? it's not a donation or something like it.
103005FallBride
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Re: question about fileing taxes once married?...
Posted by snowprincess805
Posted by dleeny
I changed my name right after Christmas. the woman at the CPA's office told me that since I changed my name in 2005, we had to file jointly.
you always have the option to file separately if married - there are just limits on credits and deductions you can take
also it usally works out now that you save more money filing jointly
Good info! DH is a car salesmen and his 'spins' (special promotion...blah blah blah) doesn't get taxed...he's ALWAYS owning...and I'm always getting back money. This will be great to see how it all works out...
103005FallBride
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Re: question about fileing taxes once married?...
Posted by dleeny
Posted by csorisi Also we found out that if you pay for your wedding or the majority of it the sales tax is tax deductible.
NO WAY! how is that possible? it's not a donation or something like it.
Yeah...I'd be interested to know this...
carlsbride
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Re: question about fileing taxes once married?...
Posted by 103005FallBride
Posted by dleeny
Posted by csorisi Also we found out that if you pay for your wedding or the majority of it the sales tax is tax deductible.
NO WAY! how is that possible? it's not a donation or something like it.
Yeah...I'd be interested to know this...
I thought that generally, what you pay in sales taxes over the year is not deductible on your Schedule A unless you elect to deduct them instead of your state and local income taxes. I usually pay much more in income tax than sales tax.
