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Hire a accountant, they will do both and tell which one is best
First of all, congratulations!
Secondly, the benefits are huge, the entire us tax law is oriented towards benefiting couples rather than individuals.
I'll get you some details after I speak with my CPA wife.
Generally you pay less tax using married filing jointly status instead of married filing separately status
That's not true if both of you earn almost the same. It works only when one of you earns way lower than the other. In our case, our joint income pushed us to the next tax bracket. It would have made more sense to file separately.Unfortunately we live in a state with community property law and so we're sort of forced to file together
Try both on TurboTax, it’s free and see which one nets you a higher return.
You can use Quicken and easily calculate your taxes using both scenarios if you don’t want to deal with an accountant
Congratulations! Put all your info into TurboTax and it’ll tell you what’s best - married filing jointly or separate.
Unless in some very specific circumstances, filing jointly is what makes most sense.
If you have one part time or stay at home spouse, that’s great. Like A1 says, not great if you both make a decent amount of income (better to stay single or file separately then.)
Thanks guys! IBM 1 that would be great!!
Ah, make sense! So it’s better to talk to an accountant and get an idea of what to do!
Yes, talk to an accountant
For me it’s definitely filing jointly, but I would recommend you buying a tax program like HR Block and do different scenarios yourself.