Not sure to file married or single??? I worked part time last year and my husband gets paid cash, therefore he gets a 1099. Weve only been married a year. This is our first time filing. Just not sure what is best to do. We want to do Turbo Tax...any info on that also would help.
2007-02-27 06:17:13 · 4 answers · asked by bmariev24 1 in Business & Finance ➔ Taxes ➔ United States
Your only choice is Married Filing Jointly or Married Filing Separately.
You can not file single
2007-02-27 06:25:05 · answer #1 · answered by Anonymous · 3⤊ 0⤋
If you were married as of 12/31/06, you cannot file Single. You must file either Married Filing Jointly or Married Filing Separately. You will usually pay the least tax by filing a joint return.
Since your husband is self-employed you'll need to file Schedule C or C-EZ to account for the income and business expenses. Then you'll need to file Schedule SE to calculate the Self-Employment Tax (15.3% of the net profit from the business activity).
If you have not been making the required quarterly estimated tax payments on Form 1040ES, there will probably be penalties and interest for underpayment of tax throughout the year.
2007-02-27 14:27:13 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 0⤋
You can't file as single if you're married. Your choices are married filing a joint return, or each of you filing as married filing separately.
You almost always will pay less total taxes if you file a joint return. It might only be a few dollars difference, or might be a lot.
2007-02-27 22:34:22 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
joint is better
2007-02-27 22:07:23 · answer #4 · answered by Anonymous · 0⤊ 1⤋