Taxes and seperate finances

[BASIA]

For people that keep their finances separate after the wedding. How do you file for your taxes. I kind of want to do a separate filing for last year because I want to use my money to pay off my bills, and DH want to buy a car. That way we dont have to split it between us and figure out how much is whos. . We keep everything separate still so I think that would be better. But than I want to get the most out I dont know if it will make a big difference in our returns. I am going to file tomorrow so wanted to get some ideas? THANKS!

[MrsRea]

We always have gotten back more filing together.

[Lacie]

If you use a program like TurboTax, it'll show you the difference between Married Filing Separately and Married Filing Jointly. In a lot of cases, filing jointly will give you a bigger refund, but not all. Your tax rate is higher if you file separately, and you miss out on certain deductions. You also have to both take either the standard deduction or itemize - you can't take the standard if he itemizes and vice versa.

[carolinalady67]

I just have to say if I read the title of this thread as "Texas and seperate finances" again I am going to scream! I keep wondering what does Texas have to do with finances?

Sorry, just had to say that, no real advise since taxes will be all new to us this year too.

[rowanmayfairs]

We file seperately with no problems. I use OTC since its the cheapest online place to do taxes. I do my taxes first, then I sit down with James and help him do his.

I already did my taxes this year and got my refund :) James won't get a refund so we are no hurry to do his.

I would love for us to file together but for reasons I don't want to get into, we can't so we do it seperately. :)

[Emily]

We went to H&R Block when we first got married and they showed us what it would be both ways. It always ends up that we get more back filing together.

[angie]

Thank you Basia for posting this thread. I was wondering the same thing!

[BASIA]

Hey

Lisa sorry I was rushing before work lol. Thank for who ever corrected the title.!

Yeah we ended up filing together. We saved over $300 by doing so and I am happy with how everything turned out. It was worth it!

[carolinalady67]

Hey

Lisa sorry I was rushing before work lol. Thank for who ever corrected the title.!

Yeah we ended up filing together. We saved over $300 by doing so and I am happy with how everything turned out. It was worth it!

No Basia, you didn't type it wrong, I just seem to have a little dyslexia.