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I'm not nervous because we have a good accountant. If it were not for him, I'd be a bit nervous.
If you guys have property or have a lot of deductions/credits, I'd recommend using a professional CPA for the first time. I'm an accountant, just not yet a CPA, so I don't exactly feel comfortable doing our taxes for the first time as married since we have all kinds of mortage deductions, student loan interest and other things he deducts for work on his returns.
However, if you don't own a home or have lots of complicated deductions/credits/etc, something like Turbo Tax should be simple enough to figure out. One of the first questions during the process is if you had any "life events" this year-marriage, death, babies, etc and you can go from there.
From a CPA, taxes for a married couple filing for the first time shouldn't be too complicated especially if you use something like turbo tax. Even if you own a home it's not complex. What becomes complex is for the next year trying to figure out how much with withhold. This year you will have more than likely overpaid and will get a refund as you were more than likely withholding as single filers, but for your return you were treated as if you were married the full year.
We're letting a pro handle this! We'd much rather pay someone and get it done right than try to figure it ourselves.
I was very nervous! - mostly because I wasn't sure if we would owe... and, go figure, DH wasn't having enough taken out of his paycheck so we owed. That sucked - but at least we got things squared away for this next year! :)
Not really.
We just gave everything to our accountant and let him make the judgement on whether we should file jointly or seperately. At the end of the day we filed jointly. I think our return was a bit lower last year but not by too much. But I did readjust my with holdings.
I'm not too nervous about it. Our tax situation is pretty standard. We always used to single file with turbo tax, so we will be using it this year for our joint filing.
We're going with an accountant next year -- we're getting married this summer -- but that's mostly because FI has a small business anyway. I think you get more money back when you're married?
I used to do my own taxes but DH has an accountant since he also has his farming income/expenses to file. I'm not sure if his accountant will be doing mine this year too or not...I should ask him about that!
MsFarmer you should only be doing 1 return this year since you were married during the year. No need to file 2.
TurboTax! Seriously, if your financial situation isn't too complicated, it's easy to do on your own with helpful software. We didn't find it any more difficult than filing separately had been in the past.
@regberadaisy: Oh wow. I didn't even know I had a choice between filing jointly and separately.... Maybe we should talk to someone haha.
How much does Turbo Tax cost, approximately? nvm. I just looked it up.
What version of TurboTax do you use? Free, deluxe, etc.?
And about how much do you pay for your accountant/pro to do it?
It's almost NEVER advantagous to file separately unless one or the other spouse has 1. a significant amount of medical expenses or 2. the IRS is going after one or the other for some reason. That's the only time I've ever filed anyone married filing separately.
Not really all that nervous. I filed jointly with my ex-husband the year we were married and things went just fine. Things are a bit different now as I am "self-employed" but I still usually feel better doing them myself with pencil on the form before having them looked at by someone else. That way if I do take them in b/c I feel off about something I'm atleast familiar with what they've done! lol
Last year was our first time filing together and since DH is self employed we used an accountant. It doesn't cost too much if you don't have a complicated situation, plus if the gov't wants to question anything then they go through the accountant and we don't have to deal with it. Also he can write off what he pays the accountant.
This will be our second year filing married but seperately. We dont want to file joint becuase once DH gets his license for his career we will be in a different tax bracket. So it okay becuase I claim school and he claims the house. One we have children, since he will be the major bread winner, he will claim the house every year and I will claim the children. We always go to the same accountant. The guy is awesome!
@honeyoats22: yea depending on the tax bracker it may be ore convinient to file married but seperately. Just keep in mind that once you file jointly, you can NEVER file seperately again.
No, I'm not really nervous about it since my Husband (then boyfriend) did a good job at filing our taxes last year online at freetaxusa.com since we were living together. We like that site better than Turbo Tax cuz if you file State on Turbo Tax I think you have to pay $10 and it's all free on freetaxusa.com.
We don't own a house yet so really all we have to claim is our student loans. We definitely plan to file jointly cuz it makes a lot more sense to since we make a lot more money together as a couple and we have a single joint bank account.
We used TurboTax and got enough money back to take a week long anniversary trip!
I always did our taxes when we were single. Last year was the first year we claimed as married, but was also the year he got to claim him daughter, the first year I was claiming rental property, etc, etc, so we just had a professional do it last year. I was going to do ours this year using TaxAct.com this year (which is what I normally use), but our baby is due right around the end of January, so I figured I wouldn't have time to devote to it.
It shouldn't be a scary process!
Just keep in mind that once you file jointly, you can NEVER file seperately again.
FI loves getting his taxes done early. We are still in the process of waiting for our marriage license and then to change my SS card, DMV, etc. I worry our name change will not be complete by April.
Can we still file jointly?
Sorry if thats a silly question!
@CupCakeMeg: You are married according to the state, so there should be no issue with the taxes. And your names do not have to match either!
@CupCakeMeg: That's weird that it takes so long for that. I got my new SS card and drivers license a few days after the wedding.
Let your tax professional put the numbers in for both separately and joint. See what works out best for the two of you and file that way.
When I was married before, over 15 years, some years we filed joint. Some years we filed individually.
I'm not really nervous but FI has a business so it wil be comlpicated. We'll probably just have the pros handle it.
We've always used Turbo Tax or had one of the local libraries or colleges do it for us through Volunteer Income Tax Assistance, but for the latter, there's an income limit on that, which I don't think we'll meet now that we're married.
Can anyone suggest - would it be best for us to have our taxes done by a company or do them through Turbo Tax? We don't own a home or have any kids. However, a few complications that I'm slightly worried about are a) I freelance in addition to my full time job so I will have a few 1099s, and b) he had an issue with his dividends a few years back that I think has been squared away, but would hate to see it affect our returns.
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Is anyone nervous about doing joint taxes for the first time?
Married bees (who have gone through this already), do you have any tips or advice?