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Message
What Will Change About How We File Taxes?
Posted on 7/3/14 at 8:55 am
Posted on 7/3/14 at 8:55 am
I'm getting married this weekend to the most wonderful woman I've had the privilege of knowing. Aside from some issues with property I own, we've both been pretty fortunate in that we have both been able to 1040EZ our taxes for most years (I heart me some TurboTax).
Should we file jointly or keep separately filing? Pros/Cons of each?
Should we file jointly or keep separately filing? Pros/Cons of each?
10
Posted on 7/3/14 at 8:59 am to Bard
File joint. There are very, very few pros to filing separately and those pros are only for higher income people in unique situations.
May want to look at your W4 withholdings with your employer, assuming you both have one. Adjustments may need to be made there if you're the type that doesn't like getting a large refund when you file. If you do like getting a refund, don't worry about it. Don't listen to anyone that ridicules you for giving the government an interest free loan.
May want to look at your W4 withholdings with your employer, assuming you both have one. Adjustments may need to be made there if you're the type that doesn't like getting a large refund when you file. If you do like getting a refund, don't worry about it. Don't listen to anyone that ridicules you for giving the government an interest free loan.
Posted on 7/3/14 at 9:01 am to Bard
quote:
File joint. There are very, very few pros to filing separately and those pros are only for higher income people in unique situations.
Posted on 7/3/14 at 9:03 am to Bard
I honestly recomend you go to a professional preparer. Not H&R block or some other cookie cutter either. My wife and I did our own taxes (joint file) for the first few years with no property and messed them up. It is worth the money to have someone do them for you especially with the new obamacare bullshite we have to deal with. we took our taxes to my parents tax attourney and our returns have doubled and the years we were in school as adult students the returns were even better.
Posted on 7/3/14 at 9:04 am to The Spleen
quote:
May want to look at your W4 withholdings with your employer, assuming you both have one.
We both work (and will continue to do so, no giant trust funds in our futures).
IIRC I think she has a bit more withholding than I do (I do the minimum... ie: just me).
Posted on 7/3/14 at 9:27 am to Bard
Honestly, I wouldn't worry too much about it right now. File a joint return next year and if you get back more than you're comfortable with, adjust one or both of your W4's. Keep in mind, even though you're marrying in July, when you file you're considered married for the whole year so there's no adjustment to be made to any refund you receive.
Posted on 7/3/14 at 9:31 am to The Spleen
quote:
Keep in mind, even though you're marrying in July, when you file you're considered married for the whole year so there's no adjustment to be made to any refund you receive.
VERY handy to know! (that was a question that was on my mind when I wrote my OP) Thanks
This post was edited on 7/3/14 at 9:32 am
Posted on 7/3/14 at 9:50 am to Bard
quote:
Bard
If you do need the name of a CPA some day in Monroe I got one for you. Been using him for about 35 years. Ex IRS agent. He knows his stuff.
Posted on 7/3/14 at 10:00 am to Homesick Tiger
quote:
If you do need the name of a CPA some day in Monroe I got one for you. Been using him for about 35 years. Ex IRS agent. He knows his stuff.
Been in BR for about 6 years now, but I will definitely remember that if I ever get audited.
Thanks :)
Posted on 7/3/14 at 10:01 am to Bard
quote:
Aside from some issues with property I own, we've both been pretty fortunate in that we have both been able to 1040EZ our taxes for most years (I heart me some TurboTax).
Just keep doing that, then. TurboTax makes editions for full on 1040 filers.
Posted on 7/3/14 at 10:07 am to Bard
quote:
Been in BR for about 6 years now, but I will definitely remember that if I ever get audited.
I've been 40 miles north of Little Rock for 30 years. Make the drive down every year. Has been worth every penny - that he has gotten me back. On the audit, he said if it ever happened to me not to worry about showing up, he would handle it. The good part also is as long as I get money back I can get an extension. That way I can get my taxes done at my convenience.
Posted on 7/3/14 at 10:33 am to Homesick Tiger
I've always been anal about my taxes, I like getting them done the moment I get my W2's in. I've had to file late though and it makes me crazy.
Posted on 7/3/14 at 10:37 am to Bard
quote:
I'm getting married this weekend to the most wonderful woman I've had the privilege of knowing.
Congratulations!
Posted on 7/3/14 at 10:52 am to Bard
quote:
it makes me crazy.
So will marriage.
Congrats on the nuptials. It ain't all bad. Hell, I like it enough that I've done it twice. Posted on 7/3/14 at 11:06 am to Bard
quote:
Should we file jointly or keep separately filing? Pros/Cons of each?
Do both of you work? If so fill out your W-4 at work so that you are witholding at the Single rate with 0 exemptions. Tell the soon to be wife to do the same. Or you'll have to fill out estimated tax payments throughout the year, or have additional witholdings.
I got hit this past year with a monster tax bill even though both the wife and I filed MFJ with 0 exemptions. MFJ only works if your wife doesn't work, and it doesn't push you into the next tax bracket.
For example- our household income was like 125k. Thats the 25% bracket. Individually, I only made enough to be taxed at 15% in MFJ, the same for my wife. Come tax season we only witheld 15%, and the IRS wanted 25%. That extra 10% has to come from somewhere.
Posted on 7/3/14 at 11:15 am to NYNolaguy1
quote:
Rex
quote:
Homesick Tiger
Thanks :) We're both looking forward to it.
quote:
NYNolaguy1
Ouch. I hope you guys weather the tax storm.
Posted on 7/3/14 at 4:11 pm to Bard
Congrats on the wedding.
If you are LA residents, there is no benefit to Married Filing Seperate, unless you have a pre-nup that spells out individual roperty. With LA community property laws, you have to split everythiung 50/50 on an MFS return, and the MFS rules are not beneficial in this situation.
Definetly check your w/h. The married joint tax brackets are NOT double the single brackets at upper income levels. Once you get north of about 100K in taxable income, you pay more married than you would as two singles. My gay clients are learning that this year. =)
If you are LA residents, there is no benefit to Married Filing Seperate, unless you have a pre-nup that spells out individual roperty. With LA community property laws, you have to split everythiung 50/50 on an MFS return, and the MFS rules are not beneficial in this situation.
Definetly check your w/h. The married joint tax brackets are NOT double the single brackets at upper income levels. Once you get north of about 100K in taxable income, you pay more married than you would as two singles. My gay clients are learning that this year. =)
Posted on 7/3/14 at 8:57 pm to Homesick Tiger
quote:
If you do need the name of a CPA some day in Monroe I got one for you. Been using him for about 35 years. Ex IRS agent. He knows his stuff.
Always worth the money. save every receipt and have them itemize for you. save yourself the worry and stress and let someone else do it for you.
good luck with the wedding and your future, we just had our 14th anniversary on the 1st. 
Posted on 7/3/14 at 9:02 pm to Bard
Congratulations!
Posted on 7/3/14 at 9:02 pm to Bard
Congrats on getting married.
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