Just wondering whether it would be better to file taxes this year as a married couple or individually. Here is some info:
We both work full time, incomes of ~70k and ~50k
no kids
we rent, so no mortage deduction
live in CA, not sure if it matters
Any finance wizards out there? What are your thoughts?
2006-09-01 09:47:03 · 11 answers · asked by Cardinal Rule 3 in Business & Finance ➔ Taxes ➔ United States
File jointly period.
2006-09-01 09:50:29 · answer #1 · answered by prashant k 2 · 0⤊ 0⤋
File out hate forms both ways to see which is better. Jointly is usually best. If in doubt, consult a Tax Professional.
2006-09-01 14:47:15 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
It is always more advantageous to file married jointly return not as married separate return. Check with the tax table.
2006-09-01 10:43:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
File JOINTLY.... its a no brainer. But you are earning enough to justify some financial planning and a tax preparer... or hell, at least Turbo-Tax.... all of which will help you make an intelligent choice.
2006-09-01 10:32:59 · answer #4 · answered by boj12345 2 · 0⤊ 0⤋
File jointly. However if you use a computer program, and I recommend it, enter both ways so you can see the difference. You already paid for the software so why not?
Vaya con DIOS
2006-09-01 09:57:59 · answer #5 · answered by chrisbrown_222 4 · 0⤊ 0⤋
That Chelley doesnt know what she is talking about. When you are married YOU DO have choice......either married filing jointly or married filing seperately. Your instance it would be better to file jointly.
2006-09-03 12:39:19 · answer #6 · answered by linluv2001 2 · 0⤊ 0⤋
Planning early would have helped, on the 50k had you over paid to state with holding & filed individually. Can use state taxes paid on itemized fed form to reduce fed taxes, then on following year file short form with out need to claim previous years return of state taxes over paid! It does pay to plan & pay to save more!
2006-09-01 23:52:30 · answer #7 · answered by BeenDareDoneThat 3 · 0⤊ 1⤋
since you are married you have to file married filing jointly unless you are getting a divorce. you may not have to pay in depending on your withholdings, any credits for school, any hybrid car purchases etc. but anyways, you don't have the option to choose how you want to file, you have to file a certain way. you are what you are.
2006-09-01 09:57:08 · answer #8 · answered by chelley 2 · 0⤊ 2⤋
YOU BOTH ARE IN A HIGH BRACKET SO YOU ARE GOING TO PAY ANYWAY YOU FILE. MARRIED MIGHT HAVE MORE DEDUCTIONS. REALLY SHOULD ASK YOUR TAX PREPARER SINCE TAX LAWS CHANGE YEAR TO YEAR.
2006-09-01 09:53:15 · answer #9 · answered by saucylatina 5 · 0⤊ 0⤋
if you get your taxes done through hr block they will run it both ways for you and tell you whichis better, and you don't pay anything extra, its just a couple of extra clicks in their system
2006-09-01 09:53:19 · answer #10 · answered by bluewonder 2 · 0⤊ 0⤋