You can complete paper returns and mail them to the IRS, usetax softwareor work with a tax professional. If you're working with an expert, they can help you figure out whether filing jointly or separately is in your best interest. If you're filing yourself, do the math and compare. Id...
However, your ability to claim a tax deduction for your IRA contributions is limited if you have a 401(k) account at work and your modified adjusted gross income reaches a certain amount. For married couples filing jointly, if the spouse who makes the IRA contribution is covered by a workp...
For those with self-employed income, the most common accounts are aSEP IRAor aSolo 401(k). The plans have the same contribution limit of $57,000 or 25% of what you pay yourself, whichever is lower. Contribution limits for the self-employed and small business accounts are per employee, so...
Although there are financial advantages to filing separately, couples miss out ontax creditsmeant for couples who file jointly. If you and your spouse both generated taxable income, calculate your tax bill as a joint and separate filer before filing, to determine which of the two will save you...