Effing Taxes

Married in October. Do the wife and I file jointly? Does it matter? Thanks in advance.

 

Try it both ways and see which one lessons your tax liability. You can file jointly or married filing seperately. Doesn't hurt to plug the the numbers both was to see which one works out the best.

 

That's the way to go. Don't be shocked if it changes year to year. Some years it works better for me to file married filing separately and some it works better to file a joint return. Last year it sucked both ways.

 

The reason I brought it up was I am actually going to go that route this year. Usually we just did the joint filing and we've had to pay taxes every damn year even though the wife's commission is taxed at I think around 40% every damn month and we do the 401(k) thingy and itimize deductions. Going to see if going the other way helps any.

 

I am by no means a tax guy but I had thought they had changed the code such that there was no 'marriage penalty' at this point. What are the conditions that would make it better to file separately (just asking because I would like to know)?

 

Don't know that's why I'm going to check into it this year. I do know there are certain things you can/can't do depending on which way you file. Who deducts the mortgage interest? Can one person deduct the whole amount or do you have to split it? What about the kids? Lots of questions and I'm no tax expert. Won't hurt to ask though.

 

Thanks for the info! I'll work it up both ways and see what costs less.

 

I'm going to get raped this year.

 

I got raped like you would not believe in 2007. This year will be better. Nothing like working hard, making some money on investments, paying taxes on the income earned and then getting reamed for making money.