Is it better to claim with your spouse on your taxes if you are a low income family with two kids? Or separate

Question

also do you trust the online tax slayers. I have used them 2yrs in a role but I don't know if they give you all the cedits out there.

Answer 1

In most cases, it is most advantageous to file a joint return. The tax brackets for individuals filing a joint return make it so their effective tax rate is lower. Also, if you opt to file a separate return, you may not do so as two "Single" individuals, you must each file as "Married Filing Separately". This means that if one of you itemizes your deductions, the other may not claim the standard deduction.

Answer 2

If you are a low income family with two kids, you'd most likely be eligible for Earned Income Credit. If you file as married filing separately, you can't get that - if you're married, you'd only get it on a joint return.

You might be better off looking for a VITA site in your area - they'll do your taxes at no charge, and will check for whatever credits are available.

Answer 3

Together, just because it's easier. It doesn't matter though, you should get the same return as long as you are claiming the children as dependents.

The online tax things are ok if you have a basic return with no major assests, your own business or lots of deductions. A person with a hourly or salary job should have the most basic tax return, but if there are other factors you should talk with a tax professional face to face.

Answer 4

Deduct as a single person and claim no one through the year and then at the end of the year, claim yourself and her. You will pay out more through the year, but you won't have to pay at tax time.

Answer 5

Before you do anything, you should try and consult a Licensed Account or someone that knows one. That said, it is true that you can save money if you do file separately

Answer 6

this is what you do. buy a tax software & play around with the filing status. i did.