I currently file separate taxes with my husband since the mortgage is under my name only. Would I get more taxes back if i filed jointly with my husband, since we pay more taxes added up together?
2007-10-12 04:23:34 · 6 answers · asked by ahtjina 1 in Business & Finance ➔ Taxes ➔ United States
In most standard situations, it is better for you to file taxes married jointly rather than married separately. If you are not sure, you can do your taxes both ways and see which works out better for you.
I don't think the fact that mortgage is only in your name has any bearing on your taxes either way. You can claim the same interest deduction on your taxes both joint and separate.
2007-10-12 04:28:58 · answer #1 · answered by jonmm 4 · 0⤊ 0⤋
In most cases, married filing jointly is better than married filing separate. You get a bigger deduction for filing together, meaning that less of your income is actually taxable. The mortgage shouldn't make a difference either way. But if you want to be sure, try doing a form for each scenario and see which will work out better for you, and file that one. Good luck!
2007-10-12 04:48:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Filing jointly will be better off for both of you...unless both of you make a great deal of money. If that is the case filing seperatly would probably be to your advantage. However typically in normal situations filing jointly will be a better tax advantage, it doesnt matter whose name is on the mortgage a write off a write off. Talk to your accountant and based upon both incomes they will be able to give you a detailed figure as to which is better. But typically filing jointly is the greater advantage for taxes!
2007-10-12 07:18:30 · answer #3 · answered by Riverbrat 2 · 0⤊ 0⤋
You would almost certainly do better by filing jointly. Depending on circumstances, sometimes it's just a few dollars, sometimes a lot more.
2007-10-12 18:27:55 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
there are particular credit and deductions you're actually not allowed while you're married submitting one by one. a sort of incorporate preparation credit or deduction. this would make submitting mutually extra valuable on your case. additionally based which state you reside in one way or the different must be better. a sturdy tax consultant ought to calculate it the two techniques and provide help to appreciate that's suited. Laura H – H&R Block – Senior Tax consultant 5 **this suggestion grow to be arranged in line with our expertise of the tax regulation in effect on the time it grow to be written because it applies to the info which you provided.
2016-12-29 06:19:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you should create HUF also .there will be tax saving.
2007-10-12 04:32:28 · answer #6 · answered by VIKASH Mittal 1 · 0⤊ 0⤋