Tax return together or separate?

Question

I just got married last year and I haven't done my taxes myself but two times. Is it better to file Joint or Separate? We don't make a lot of money. She is a server at a restaurant and I am newly in the corporate world. Which one will give us the best refund?

Answer 1

As far as the IRS is concerned, you were married for the entire year last year. You are supposed to file a joint return, it gives you a higher standard deduction anyways. The standard deduction is the amount that is immediately used to reduce the amount that you will be taxed on. It is based on your filing status. The standard deduction for single in tax year 2006 is $5,150. The standard deduction for married filing jointly is $10,300. Besides a higher standard induction, you also get to claim at least two exemptions when filing jointly. The exemption amounts are $3300 each. The exemption is also used to reduce the amount that you may be taxed on. Based on what your combined gross income is, this may or may not make a difference. However, you would not lose out in filing jointly, but there is a possibility that you could lose out if you both file single or separate.

Answer 2

It's almost always better to file a joint return than to file as married filing separately.

Answer 3

Filing "joint" is one of the many benefits of getting married! LOL

Answer 4

Nine times out of ten it is more benefical to file jointly. Your standard deduction is higher if you file jointly. The IRS penalizes taxpayers for filing seperately.

Answer 5

Best thing to do so you can see both outcomes if find a on line tax service that lets you imput your w2's in and try it both ways single and married and see what your best outcome is.

Answer 6

Joint is usually best.