New Marriage/Tax Laws?

Question

Hi!
I just got married, and my husband and I are trying to get everything updated. We earn about the same amount of money, and we do not have any children. I went through some related answers, and from what I understand, neither of us can file as head of household, correct? Given that fact as well as that we don't have any children, we shouldn't have any exemptions on our W4?
My main question is when we file our taxes next year, will we be counted as married for the entire year or just the past couple of months? The reason I ask this is I currently have two exemptions taken out and my husband has one, and I'm concerned we will end up owing a lot of money because from what I've read, married couples have more taken out through out the year.
Hopefully, I gave enough information so someone could shed some light on this situation and not confuse anyone who could help me. I thank you in advance for your assistance.

Answer 1

A married person can only file as Married Filing Jointly or Married Filing Separately. So you can't be Head of Household even you you have a child.

If you are married on December 31, your status for the year is married. So for 2007 return, you are married.

This is from IRS publication 17: Your Federal Income Tax.
Tip. If you and your spouse each have income, you may want to figure your tax both on a joint return and on separate returns (using the filing status of married filing separately). Choose the method that gives the two of you the lower combined tax.

Answer 2

Correct, you're married so you can't file as head of household, but you can file a joint return which is probably the way you'll pay the least tax. Since you make about the same amount, if you file a joint return your tax will probably be about the same as if you were single.

You can each take one exemption on your W-4, for yourself. If you just claim zero, they'll take out a little more from your paycheck, but you'll get the extra back as a refund.

You will be counted as married for the entire year. It's your status on 12/31 that counts. There is no such thing as filing one way for part of the year, another way for the rest of the year. If you are claiming two allowances on your W-4, and your husband is claiming one, you will very possibly owe a little when you file your return. It won't be thousands though.

Answer 3

The key date of every year is Dec 31st. What is your martial status as of that date? Since you are married now, You would file "Married filing Jointly" and claim two exemptions on your federal and state taxes. Since you are married you would not qualify as "Head of Household".