Friday, August 20, 2010

How much worse off are filing taxes separately when married?

My bf and I are probably going to get married this year, but all his bills, support, etc are done through his business. I prefer to do my own taxes and would rather not have my stuff done through the business.





So what kind of penalties would I face should I choose to file separately next year ?





Would I have to do anything ';special'; this year to prepare for a change in filing status?





**Just like to be prepared :) **How much worse off are filing taxes separately when married?
it depends on your situation and income. If you file separately you lose the earned income deduction and a few others as well. If you are in a community property state and you file separately you must add together both your incomes and divide by 2 to get your income for taxes.How much worse off are filing taxes separately when married?
My wife and I have been filing seperatly for several years now. It cost us more in taxes up until 2005 or 6. Since then they come out about the same as filing jointly. We don't have a great deal of income, less than 30,000 each. I don't know if higher income will make a difference.

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