Married Folks - Tax Question
Married Folks - Tax Question
I'm getting married in October and thus will be filing jointly next year. For tax purposes that means we will be combining incomes so instead of being taxed at $50k separately we will be taxed at $100k together (hypothetical numbers, you all can't know how much I make). So the jump in tax brackets will likely be a huge tax hit come this time next year.
Did any of you experience this increased tax hit? If so, what did you guys do?
Did any of you experience this increased tax hit? If so, what did you guys do?
- Robceltsfan
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Re: Married Folks - Tax Question
Filing married gets you tax incentives, so you shouldn't be hurt much at all. However, if for some reason you find it's problematic to file as married, simply file separately for one more year. You aren't required by law to file married simply because you're married.
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Re: Married Folks - Tax Question
I actually didn't notice much when we had our taxes done together. The guy that did our taxes showed us the numbers both single or jointly to see which way would be better for us or more on our return. It ended up better for us filing together.
Re: Married Folks - Tax Question
Very informative. Didn't know it wasn't required. I guess I'll run through the tax calcs on both situations next year and see which is more beneficial. Thanks for the input!Robceltsfan wrote:Filing married gets you tax incentives, so you shouldn't be hurt much at all. However, if for some reason you find it's problematic to file as married, simply file separately for one more year. You aren't required by law to file married simply because you're married.
Re: Married Folks - Tax Question
This jives with what Rob said above. Thanks for the input! Much appreciated.deezna10 wrote:I actually didn't notice much when we had our taxes done together. The guy that did our taxes showed us the numbers both single or jointly to see which way would be better for us or more on our return. It ended up better for us filing together.
- AbeVigodaLive
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Re: Married Folks - Tax Question
As an accountant, I know the answer to this question.
Basically, to keep it short, you'll want to file jointly. I'm guessing the $100k isn't "too far" off your joint income, so you're under most more punitive tax thresholds anyway.
Now, knock her up quick and you'll really be able to clean up during tax season...
Basically, to keep it short, you'll want to file jointly. I'm guessing the $100k isn't "too far" off your joint income, so you're under most more punitive tax thresholds anyway.
Now, knock her up quick and you'll really be able to clean up during tax season...
- Shill Jackson
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Re: Married Folks - Tax Question
buy a home and deduct the interest
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- Kingcarl24
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Re: Married Folks - Tax Question
Seriously, one of the biggest benefits to having kids. That $3000 tax credit almost makes it all worth it.AbeVigodaLive wrote:As an accountant, I know the answer to this question.
Basically, to keep it short, you'll want to file jointly. I'm guessing the $100k isn't "too far" off your joint income, so you're under most more punitive tax thresholds anyway.
Now, knock her up quick and you'll really be able to clean up during tax season...
I wish I could help the OP more. My wife doesn't work so filing taxes is pretty easy for us.
- AbeVigodaLive
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Re: Married Folks - Tax Question
Kingcarl24 wrote:Seriously, one of the biggest benefits to having kids. That $3000 tax credit almost makes it all worth it.AbeVigodaLive wrote:As an accountant, I know the answer to this question.
Basically, to keep it short, you'll want to file jointly. I'm guessing the $100k isn't "too far" off your joint income, so you're under most more punitive tax thresholds anyway.
Now, knock her up quick and you'll really be able to clean up during tax season...
I wish I could help the OP more. My wives don't work so filing taxes is pretty easy for us.
I think most families can raise a kid for about $840 annually. So you'd be about $2200 ahead. Nice.
Re: Married Folks - Tax Question
lol at u scrubs paying your taxes
Taking a break from the board. Please reference my last post for more details if you are interested.
- AbeVigodaLive
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Re: Married Folks - Tax Question
Bush4Ever wrote:lol at u scrubs paying your taxes
I hate people like you. I would hate to live next to somebody as anti-American as you.
[Note: That being said, any houses up for sale on that block? Ours goes on the market next week...]
Re: Married Folks - Tax Question
not fur yer typesAbeVigodaLive wrote:Bush4Ever wrote:lol at u scrubs paying your taxes
I hate people like you. I would hate to live next to somebody as anti-American as you.
[Note: That being said, any houses up for sale on that block? Ours goes on the market next week...]
Taking a break from the board. Please reference my last post for more details if you are interested.
- dunkan5rings
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Re: Married Folks - Tax Question
lol u stupid fuckBuckets wrote:I'm getting married in October
- AlaskaHawks
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Re: Married Folks - Tax Question
None of your wives work?Kingcarl24 wrote:Seriously, one of the biggest benefits to having kids. That $3000 tax credit almost makes it all worth it.AbeVigodaLive wrote:As an accountant, I know the answer to this question.
Basically, to keep it short, you'll want to file jointly. I'm guessing the $100k isn't "too far" off your joint income, so you're under most more punitive tax thresholds anyway.
Now, knock her up quick and you'll really be able to clean up during tax season...
I wish I could help the OP more. My wife doesn't work so filing taxes is pretty easy for us.
Note: Where the hell were you on this one, Abe?
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