Tuesday, August 24, 2010

Is it better to file your taxes as married or single?

we each make about 45000 a year. so together about 90000. We have a house... No dependents





so married or single.





Which would give us the most money backIs it better to file your taxes as married or single?
If you are married then you have two choices. Married Filing Jointly is the best option. Married Filing Separately is the least desirable status to use. Try it both ways and you will see for yourself.Is it better to file your taxes as married or single?
It's almost always better to file a joint return. In your case the difference would probably only be a few dollars. For lower income people, especially if their income isn't close to each other, it would probably be more.
Since you are married you can NOT file as Single. Your only choices are Married Filing Jointly and Married Filing Separately.





Normally you'll pay the least tax by filing jointly though if your incomes are similar and you don't itemize and don't qualify for any credits it may not matter much if at all. The best way to be sure is to figure your taxes both ways and file whichever way works out best for you.
I would do as married
Married because wouldn't you get a tax break for that. So I'm just guessing here my husband and I file married but have two dependents.
Go online and do a mock return to see what nets you the most of a refund. You can find a refund calculator at H%26amp;R Blocks website.
Sounds like you would have a fairly simple return. I suggest you try both ';married filing jointly'; and ';married filing separately'; using the FREE software from taxact and use whichever produces the lowest tax.

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