Is it better to be married or single for tax purposes???
There are a lot of myths but I am not really sure...
MCDO15
Posted:
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Re: Marriage Tax Benefit/Penalty
depends what you are filing...your account or any software you have will be able to do both
ali120206
Posted:
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Re: Marriage Tax Benefit/Penalty
It depends on the amount of money each of you make as well. My boss explained this to me yesterday. I always thought it was a 'penalty' the year you got married but, it's how you fall into a tax bracket and whatnot. It's actually, how much you are taxed on your consolidated income as two people as opposed to how much each of you were taxed on your individual income as one person.
Though once you are married you have to file as married, either jointly or separately.
Mikeysgirl
Posted:
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Re: Marriage Tax Benefit/Penalty
If you file jointly you get to take a bigger tax credit than you would if you both filed separately so that's a plus.
TheBigDay
Posted:
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Re: Marriage Tax Benefit/Penalty
depends on the amount of money you both make... we figured ours out for 06 as if we were married just to see what we'd get.. and we would have gotten about 1000 more back in taxes filing joint... ahhh cant wait to file next yr...
DjPiLL
Posted:
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Re: Marriage Tax Benefit/Penalty
My calculations have me netting more by filing separately.
Definitely compute both scenarios before filing! My difference was close to a grand worth!
thelilacone
Posted:
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Re: Marriage Tax Benefit/Penalty
but once you decide to file jointly, you have to keep filing jointly. There are very specific rules as to who can qualifly for married filing separately. I don't remember them off the top of my head, but it's better to file jointly.
