My husband works as a contractor and therefore last year when we figured our taxes jointly we owed quite a bit of money. Since we have filed jointly in the past but I chose to file separately for last year and this year, would I be allowed to do so? I'm trying to remedy last year's problem with me not filing but also trying to work on getting a refund if possible and with him working as a contractor that doesn't normally happen if we file jointly, we end up oweing money.
2007-02-09 03:52:39 · 5 answers · asked by Melissa F 2 in Business & Finance ➔ Taxes ➔ United States
Yes you can file separately, though you will not be eliglble for some credits and deductions, so it may decrease your refund. If you still owe any balance on the jointly filed returns your refund can be taken and applied to that balance. It makes more sense to file Jointly, but if you do not want to be liable for your spouse's tax debt then it would be a better way to go
2007-02-09 03:59:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can file married separate or jointly, but both of you have to file the same status for the year. I think you might be looking at the wrong solution. Jointly is usually, but not always better. Maybe you are misled because he is a contractor and must pay "self-employment" tax (it's really just Social security and medicare) You should figure your taxes with both separate and joint and see which is best. Make sure you only figure self employment on his income. Also make sure you put his income and all directly related expenses on Schedule C. If that doesn't make sense get professional help--it will be worth the price.
2007-02-09 12:14:53 · answer #2 · answered by Ovrtaxed 4 · 0⤊ 1⤋
It is okay to file separately after filing jointly the year before. The only situations that I can think of for married persons to file separately is if BOTH incomes are astronomical. Then, it may be to your advantage to file separately. If you have already received your W-2s, I would suggest consulting the IRS to ask what would be the best option. As most people are incorrect, the IRS isn't out to get you. They're there to help. Always remember, you need to claim your income if you have made more than $600 in the past year!
2007-02-09 12:02:28 · answer #3 · answered by T-Ball 4 · 0⤊ 1⤋
You are allowed to file as married filing separately, but not as single. Usually filing separately gives you even LESS of a refund, or MORE taxes that you owe - it's rarely better than filing a joint return.
2007-02-09 12:35:47 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
yes ofcourse.
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2007-02-10 07:00:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋