Taxes

GeorgiePorgie

GeorgiePorgie

PR Founding Father
does anyone file their taxes as: MFJ or MFS?

In your last experience which has been better for you. Filing jointly or separately ?

My wife has always taken the standard deduction because she doesn't have anything to itemize really. I always itemize huge student loan interest (vomit) and mortgage interest (easier to swallow).

However this year she is on the deed to the house. Has no student loan interest to deduct.

I'm wondering if it would be better for us to file married filing jointly....


Marriage makes adulting more complicated.
 
I am not a tax accountant, but, it sounds like you should be filing jointly. You also should be itemizing your property taxes and gifts to charity.
 
I always itemize, she always files a 1040ez. Well, by her I mean, I file it. But a 1040ez takes 10 minutes to do.

But i'm reading if you file jointly she wont get the standard deduction anymore....not sure which route to go, I think I'm just going to do them both ways on turbotax and see what happens.
 
You are already F'ed depending on the disparity in your incomes . You are Dinks after all.

I bet TurboTax recommends filing jointly.

But I did think the Falcons were going to win last night. So there's that.
 
She's my sugar momma right now. She made bank last year with all the overtime. I haven't put in any overtime becuase I'm in school full time. But she probably almost made twice as much as I did. Goal is to get done with school, so my income will double what she made this year, and then she can drop down to part time or as needed when we have kids. Which is gonna start next year....yikes.

She wants 3 babies, and if they end up being 3 boys....i'm in trouble from a racing stand point.
 
Over the years we used to file married but separate. For quite a while now we have filed jointly. If your using Turbo tax or something it should tell you which is better.

I personally use a CPA because of a lot of business expense and being self employed. I recommend consulting a tax expert.
 
Last time I used a CPA it turned out the same and I owed them $160. Right now our taxes aren't that complex where I can't do them with turbotax. But as I'm getting older I can see why a CPA is going to be very useful. If I start investing, or make enough where I can make larger charitable donations to fudge the brackets sure, but right now I'm basically sqaure dead in the center of my tax bracket. And we don't give the catholic church nearly enough to drop a bracket.
 
Always, always, always do it both ways and see for yourself which lowers your tax bill. Always.
 
Married filing jointly for us. My wife makes considerably less then I do and I've read with an income gap filing jointly is best. We have mortgage interest and student loan interest and that's it. Turbotax makes it pretty easy for us though. $13,000 in federal taxes and we got back $1,300.... $1,000 of that was for the child tax credit, thanks Obama
 
what sturd said. do every option u can and compare.

alwasy make sure you write off those charitble contributions lol. i should write off gambling losses id prob drop a bracket :( but i dont log any of it cuz it would probably make me cry and id rather have my happiness than be depressed and write them off. lol
 
Didn't know you could write off gambling losses. For sure need to claim winnings though!!


Pay tax on your $20. Go to casino with said bill you already paid tax on. Wager it, into a slot machine. Get real lucky and hit for $50,000. Now must pay tax on money you won by risking money you already paid tax on.

Makes sense.
 
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