Filing Jointly Vs Filing Separately
Question: whats the difference in filing taxes married Filing Jointly vs separately?
we have 2 children, would we get back more money if we filed married filing seperately and each claimed 1 child?
not sure if it matters but we are in alabamaAnswer: It depends on both of your incomes, usually jointly is the best way to go.
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Question: Can we change the tax filing status every year ?
- I got married 5 years ago
- I have been filing taxes all these years as married Filing Jointly ( spouse was not working )
- she started working last year for 6 months
- when I checked the tax calculator, it shows that for 2010 taxes if we file as married and separately
we both more refunds compared to filing jointlyCan I file taxes this year as Married and filing separately and hopefully next year we can again
file as Married filing jointly. Can this be done ?Answer: Yes.
Remember, both of you must take the standard deduction or both of you must itemize. You can not load up all the deductions on one and take the standard on the other.
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Filing Separately Vs Jointly
Question: Tax software vs. Accountant?
My husband and I need to amend our taxes because previously we filed separately due to tax debt. Now that the debt is paid, we need to file jointly. I need to decide whether it’s more cost effective to hire an accountant or do it myself. They are charging $750 to amend six years. I am a full time graduate student; my husband is a half-time grad student; he works full time (my jobs have been small) and we have some interest income. Other than that, our taxes should be relatively simple. I anticipate getting marital tax breaks and student tax breaks, which should save us thousands, according to the accountant.
Will I find the same breaks if I amend them myself? Should I amend them? If so, is Turbo Tax the best?
Answer: Tax software hands down. As a CPA, i’ve heard nothing but great things about Turbo tax from those that use it. As a CPA, I can say that most Accountants including Accounting firms are crooks and are overcharging you for simple work.
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Filing Taxes Married Filing Separately
Question: What would be best filing income taxes married jointed or married but filing separately?
we just married in feb. 09′ we also have to kids this would be our first year doing income taxes as ”married” and would like to know witch way would be best to receive more of a refund??
thank you all answers very much appreciated
please explainAnswer: 2009 will bring many restirictions and new regulations to family’s who may file in differ than what the IRS rules are.
Your marriage in Feb 09 put you in the spot to file as Married Filing Jointly. Though there are legal means by the IRS which let either you or the spouse to file different. One of you could file Head of Household and claim Children, mortgage and all other credits. The other should file Married filing Separately with NO KIDS, no credits at all. Beside that, the name of the spouse, SS# should be included on line 3 of form 1040.
I suggest you and the spouse try to file using different formulas first. Example, you file with kids as Head of House Hold, see what is the outcome, then file without kids, no credit and as Married F Separately and see the different. Let your spouse do the same. Try both of you to see the general views, and do what is good for both.
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