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You can use something like Turbo Tax to run both (for free) and see which is more advanteous.
PSA: just a word to the wise for 2011 - if you plan to itemize your deductions (which I imagine you do since you own a house), you can't do your taxes until the end of February/beginning of March. The IRS and tax prep software will not be up to date on the recent tax law developments until then.
@septcabride: Actually, TurboTax has said that they are up to date, and that you can submit the taxes to them, and then they will file them on the date the government says they are ready for the itemized deductions automatically. Not sure if the other software is ready yet, but they are :-)
Most likely you'll want to file jointly.
I always get kind of nerdily excited about tax time :-) (I handle the money management at home because E hates dealing with that stuff)
I would recommend turbo tax or hiring it out if you're starting from square one. Otherwise I just look up everything I need to know online.
We ended up doing married filing separately for our first year which was 2009. We got married in October of 2009 and I changed states three days before the wedding to his state. If we filed jointly he would have had to file in MD where he had never lived. Turbo tax ran the numbers much better for the married filing separaetly.
we file jointly, as we are common law, but our accountant takes care of that headache for us :)
Like @septcabride: suggested, last year I ran both options through TurboTax and picked the better one (joint). I'll probably do the same this year as he moved to another state halfway through the year and I technically haven't so it might be separate this time around.
Also, I use Mint.com and it's been telling me for at least a week now that all of our W2s should be here by now. Far from it! We've only gotten a couple forms and none of the big ones. Is Mint ahead of schedule or do I need to start tracking things down?
@caitlanc: Your company has to send them out by January 31st so hopefully you will be receiving them soon.
We filed joint and unfortunately were hit with the marriage penalty. Since we make close to the same amount we owe the State. It really sucks. But luckily we are getting a refund from Federal and that will pay for the State.
Anyone have any advice on how we can change our witholdings so that we don't owe anything next year?
@sweetkate:I believe that you can just submit a new W4 with your employer and they should be able to change that for you.
@MsBrooklynA: Yeah I know about that, I'm just wondering what we should change our allowances to. Right now I beleive his is at 0 and mine is at 1. Should they both be 0? Both be 1? I'm just not sure. We have extra taken out of his paycheck because he works on commission but we still ended up owing this year. But I think that could be due to a significant raise I got in the middle of the year.
The best thing to do is to calculate jointly and separately and then make the decision. Most married couples tend to find it beneficial to file joint returns, but it depends on your situation.
for the W-4's, there is a worksheet on the back that helps you figure out what your allowances should be. its not the easiest thing in the world to fill out, but just follow the instructions and you should be fine. good luck! i guess we "accountants" are good for something, right?
oh and 99% of the time it is best to file jointly. i have only seen a few cases where filing separate is better. the tax rates are MUCH higher if you file separate.
I just met with my tax advisor yesterday since I technically own my own business as a consultant, my hubs and I were hoping to file separately this first year, since this is the first year that I've been self-employed. BUT the tax advisor said we have to file together. I'm hoping it won't be too hard, my goal is to get it started by the middle of February.
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I am kind of clueless when it comes to taxes, this our first year being married. Is it better file joint or seperate? I have mortgage which isn't in my DH name.
What ya'll think about filing together or seperate?