“I will say that the spouse’s increased withholdings could be dicey if the couple splits up or decided to file separately.” Failing to make quarterly estimated payments can result in a penalty for underpayment when you file your tax return. In addition, if you don’t make...
Alicia Jegede, a CPA and founder of New Gen Financial Planning, discussed the potential benefits and drawbacks of married couples filing their taxes separately and jointly.Apr 13, 2023 embed code copied America Decides Election '24 Why Trump made gains among Latinos Harris campaign staff discuss ...
How do you file taxes if you own multiple businesses? Whether you own one or multiple businesses, the steps for calculating your business income are usually the same. When you own one business, you only need to perform these steps once. When you own multiple businesses, you need to do thi...
you're limited to filing as either married filing jointly or married filing separately. If you and your spouse have signed a separation agreement, the IRS usually takes the position that you're still married if it hasn't been incorporated into a court order, but the IRS does defer to indiv...
When deciding betweenmarried filing jointly vs separately, consider factors like shared expenses and income distribution, as it can significantly impact your tax liability. Choose the filing status that aligns with your financial situation for optimal tax benefits. ...
When would I want Married Filing Separately vs. Married Filing Jointly filing status? Here are some reasons married couples file separate returns: Married Filing Separatelymight benefit you if you are subject to theAlternative Minimum Tax (AMT)on a joint return (Only true if only one spouse...
Getting married usually means merging your finances. But when it comes to taxes, that's not always the case. The IRS gives married couples a choice: You can file your taxes jointly, or you can choose the status "married, filing separately." ...
Why You Have To File a Tax Return When you begin a new job, you'll be asked to complete Form W-4 for your employer. The information you enter on this form determines how much tax is withheld from your pay. The decisions you make when you set up your payroll withholding by completin...
There are many factors involved in determining whether married couples should file separately or jointly. When a couple is unsure of which filing status to choose, it makes sense to compute the tax return both ways to determine which will give the biggest refund or lowest tax bill. Couples wit...
If both spouses work and the income and itemized deductions are large and very unequal, it may be more advantageous to file separately. Head of Household A head of household is a single or unmarried taxpayer who pays at least 50% of the costs of supporting their household and lives with...