2007-02-01 14:21:42 · 8 answers · asked by anthony 1 in Business & Finance ➔ Taxes ➔ United States
You'll have to be more specific to get an answer for that question.
There is a big difference on the way you file.
You'll have to answer some specific questions to get an accurate answer.
JAM
jamferris@yahoo.com
2007-02-01 14:30:55 · answer #1 · answered by jamferris 2 · 0⤊ 0⤋
The way you have this worded is confusing.
If you are asking should you file jointl with your wife, the answer is most likely, yes. If your daughter is still going to school, then you can claim her as a dependent. If she is an adult and NOT going to college on your dime, you cannot clam her as a dependent.
If you have alot of tax questions and are feeling lost on the whole process, go to someone like H&R Block and pay the $185 and let them take care of the headache. They will let you know the best way to file in your circumstances.
2007-02-01 14:33:37 · answer #2 · answered by Crazymom 6 · 0⤊ 0⤋
Married filing jointly almost always is better than married filing separately when you want to minimize your tax and get the most credits. There are reasons why you should consider separate returns, but in most simple cases you should file jointly.
Whether you should (or can) add your daughter's income to your tax return depends mainly on her age and amount of income.
2007-02-01 14:30:32 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
Depending on your situation, sometimes filing separately may help reduce taxes. That is because of so called "marriage tax penalty" case that comes into play. I am not sure if the marriage penalty still exists or not. Best bet is use some online tax prep services with deals listed here (some free) http://www.redtagdeals.com/tax_preparation_online-coupons and play with numbers and see which one gets you the lowest taxes owed!
2007-02-01 14:36:48 · answer #4 · answered by weight-loss 2 · 0⤊ 0⤋
You can file with your wife by filing a joint return, and will probably pay less tax than if you file separately.
The only way your daughter's income would go on your return is if it's investment income and she's a minor. If her income is from a job, or she's over 18, then she'd file her own return.
2007-02-01 14:58:18 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
If you filed Married-Joint status, the taxes are usually lower. It would be wise to include your daughter and wife on your Tax Return.
2007-02-01 14:25:50 · answer #6 · answered by Stareyes 5 · 1⤊ 0⤋
Except in rare circumstances filing jointly is cheaper. Most tax software will calculate it each way and make a suggestion.
2007-02-01 14:29:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you are able to claim any child care credit or earned income credit - you MUST file jointly (together) to qualify.
2007-02-01 14:24:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋