Also, one of my jobs I pay taxes on quarterly because I'm self-employed. The other has taxes taken out. Also, any help on filling out the two earners/mulitple jobs worksheet on a W-2 would be appreciated. Thanks.
2007-09-19 04:12:41 · 7 answers · asked by backfromwar 2 in Business & Finance ➔ Taxes ➔ United States
You'll almost always save taxes by filing a joint return.
As to the W-4 (not W-2), you could fill it out just for your employee jobs, since you're filing the quarterly returns on your self-employment income. But when you do the quarterlies, be sure to include everything when you do your estimate. You could actually do things either way - file quarterlies, or get enough taken out of your paychecks from employers to cover what you will owe - either is legal.
2007-09-19 04:24:16 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
I would file jointly. 99% of the time that would be in your favor. The worst way to file is married filing separately. I would run both scenarios just to be sure, but I would bet jointly would be the most beneficial to you. Also, married filing separately is an audit red flag. Since married filing separately is almost always a worse result, the IRS assumes one of the spouses may be doing something shady with their taxes, and the other spouse doesn't want to associate with him/her.
2007-09-19 05:32:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
that's patently no longer real. each and each 12 months you have the choice to document MFJ or MFS and your selection one 12 months does no longer dictate your submitting prestige for any years yet to come. My basically remark may well be to run the numbers the two approaches (joint and separate) to verify you somewhat decide to document one by one-the tax costs are many times greater, you lose maximum deductions and credit, and if considered one of you itemizes, the customary deduction of the different significant different is going to 0. I furnish you that there are valid, non-economic reasons for identifying to document MFS yet observe you will likely pay greater in taxes by employing doing so. Robyn M. Enrolled Agent grasp Tax consultant **this recommendation replaced into arranged in accordance with our expertise of the tax regulation in result on the time it replaced into written because it applies to the information which you provided.
2016-10-09 11:18:19 · answer #3 · answered by hussaini 4 · 0⤊ 0⤋
The least desirable filing status is "Married filing separately". You will be missing out on various credits and deductions using this status. File married filing jointly.
2007-09-19 05:27:04 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
Note that if the return is prepared using software, by yourself or a paid preparer, the software can usually give you a comparison of which is better, after it is prepared jointly.
2007-09-19 07:16:39 · answer #5 · answered by r_kav 4 · 0⤊ 0⤋
Jointly.
2007-09-19 04:28:02 · answer #6 · answered by Oh Boy! 5 · 0⤊ 0⤋
Run it both ways and see what gives you the best result.
Jointly is usually better.
2007-09-19 04:23:24 · answer #7 · answered by Wayne Z 7 · 1⤊ 0⤋