(Closed) Taxes

posted 7 years ago in Married Life
Post # 3
Member
3363 posts
Sugar bee
  • Wedding: September 2009

I have a mortgage that isn’t in my husband’s name, but we file jointly. 

Post # 4
Member
1820 posts
Buzzing bee
  • Wedding: August 2010

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.

Post # 5
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

@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 🙂

Post # 7
Member
2205 posts
Buzzing bee
  • Wedding: June 2009

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.

Post # 8
Member
1508 posts
Bumble bee
  • Wedding: October 2009

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.

Post # 9
Member
2829 posts
Sugar bee
  • Wedding: June 2011

we file jointly, as we are common law, but our accountant takes care of that headache for us 🙂

Post # 10
Member
2008 posts
Buzzing bee
  • Wedding: September 2009

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?

Post # 11
Member
682 posts
Busy bee
  • Wedding: August 2009

@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?

Post # 12
Member
2790 posts
Sugar bee

@sweetkate:I believe that you can just submit a new W4 with your employer and they should be able to change that for you.

Post # 13
Member
682 posts
Busy bee
  • Wedding: August 2009

@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.

Post # 14
Member
4480 posts
Honey bee
  • Wedding: March 2010 - Calamigos Ranch

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.

Post # 15
Member
627 posts
Busy bee
  • Wedding: August 2011

@sweetkate:

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.

Post # 16
Member
381 posts
Helper bee
  • Wedding: October 2010

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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