Taxes question

So I'm wondering if we should change our filing statuses to married this year or next - any feedback?

Also what are the pros/cons of filing as married?

Re: Taxes question

good question.

Re: Taxes question

I dont know what to do about this either! ANyone??

Re: Taxes question

Usually filing separately will either decrease your refund or actually make you pay.

The benefit of filing jointly is you are able to apply for more deductions....and the more deductions you have to offset your income the higher your return. You also get a lower tax rate when filing jointly and more tax credits.

HTH!

eta: everyone's situation is different, so its best to try it both ways before filing, however in most cases filing jointly works out better. ask your accountant which will benefit you best.

Re: Taxes question

I had a great experience filling together and my accountant's assistant said that once you change your name through SS....you are labeled married anyway so you would have to file together.



****I'm not a tax professional of any kind so I don't know how true the above statement is...just re-telling what she said.

Re: Taxes question

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Posted by AugustBridein09

I had a great experience filling together and my accountant's assistant said that once you change your name through SS....you are labeled married anyway so you would have to file together.



****I'm not a tax professional of any kind so I don't know how true the above statement is...just re-telling what she said.

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I believe that even though you are married you can either file separately or jointly. You do not have to file together although like other people stated there are greater benefits to filing jointly.

Re: Taxes question

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Posted by Lucky2010

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Posted by AugustBridein09

I had a great experience filling together and my accountant's assistant said that once you change your name through SS....you are labeled married anyway so you would have to file together.



****I'm not a tax professional of any kind so I don't know how true the above statement is...just re-telling what she said.

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I believe that even though you are married you can either file separately or jointly. You do not have to file together although like other people stated there are greater benefits to filing jointly.

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yea just because your married doesnt mean you have to file jointly... my coworker filed jointly for 10 years than this year they filed seperate...

Re: Taxes question

You cannot file 'single' you have to file either:
married filing jointly OR married filing separately (which is different from single, head of household, etc)

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W-4 should reflect married, i had to change mine today.

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DH is an accountant and he told me we are filing jointly

but you should speak to your accountant b/c everyone's situation is different.

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you can no longer file SINGLE.

you have to file Married JOINTLY or Married Separately. If the IRS wants to, they can audit you and find out about it, so i wouldnt take that chance.

This is taken from irs.gov

Re: Taxes question

You can file married jointly or married seperate but you get a better deduction if you file married jointly. I think people file seperate if they have any tax issues or a business where they may get taxed on it personally. But, if you have no issues married jointly is the way to go