We are going to be filing taxes and we are married now so I want to know is it better to file jointly or separately?
TIA
rdubs
Posted:
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Re: I have a question for anyone who does taxes???
Do you have an accountant that does your taxes? The decision depends on a few things. I think the main one is if one of you owes taxes and the other would get a refund (will probably be the case when I get married), it may be better to file separately so that 1 spouse still gets the refund.
When you file separately, only 1 spouse gets to take a house credit, claim children as dependents if you have any, etc. Also people filing separately may not qualify for some tax credits and benefits (I don't know them off hand, but turbo tax or your accountant should be able to tell you).
Generally, people have lower taxes payable if they file jointly.
(I'm a CPA but don't do taxes on a regular basis so its better to ask someone that deals with this everyday)
Just Cindy
Posted:
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Re: I have a question for anyone who does taxes???
yea we dont have an accountant so thats why I am asking the question. I think we might file jointly.
Susan2010
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Re: I have a question for anyone who does taxes???
I have heard that you should do them both ways and then go with whichever works out in your favor. I always assumed the first year of marriage we will get slammed no matter what.
