Post # 1
I am newlywed just about to celebrate my 1 yr annivesary in March.
I know so many couples are confused on taxes when they get married. Feel free to ask me anything! I love to give guidance and teach others how to do their taxes right.
Tiffany Hopwood, CPA
Post # 3
@tiffanygarcia: OK I’ll go!
This is our first time filing as married people.
As single people, we were both in the 25% tax bracket and always got a small refund. Now, combined, we’ll be in the 28% tax bracket (don’t have all my tax info yet, but I can tell we will be)
I’m guessing we’ll need to adjust our withholdings for 2013? Currently we each withhold 1 on W4s.
So if we happen to owe money (eep, I’ve never owed!), then we’d want to change withholdings correct? If we get a little refund, then probably leave everything as is?
Post # 4
Well as married people you get more benefical tax rates. I would suggest you both stay at single 1 and you will see that your refund should increase over what you had as individuals.
If you owe money, then I would change one of yours to single 0.
I guess it all depends on what type of person you are. I have clients that like to break even or close to it and those that want huge refunds.
If you are a break even type, you both should put married 1 or 2 on your w-4. If you are a huge refund type, you both should put single 0, which is the highest withholding rate.
If you have any more questions. Feel free to email me. 🙂 [email protected]
Post # 5
I’m getting married in May and we are both professionals with relatively high incomes (moderate for San Francisco, though!). We’ll be keeping all debts and most assets separate, at least for now. Will it be more beneficial to file jointly or separately? Thanks!!
Post # 6
Tax rates are higher for the married separate filing. Even if you keep your finances separate, married joint almost ALWAYS results in a lower tax bill.