Are you recently married in Brooklyn NT? You may be wondering whether it makes better financial sense to file taxes jointly as a couple or to file separately. It’s always a good idea to check with a tax lawyer Brooklyn residents trust for complex tax questions. Tax Town of Brooklyn is a tax attorney Brooklyn residents and business owners trust to address such issues. For your tax preparation Brooklyn couples should use a CPA Brooklyn relies on for personal and business tax needs.
So for tax preparation Brooklyn married residents often want to know about the ideal filing status to use.
For 2017, filing jointly will generally get you and your spouse the larger refund. You’ll also be able to file just one return, reducing the complexity of the tax filing process.
One considerable advantage that the tax lawyer Brooklyn couples work with can assess for you is the ability to take advantage of tax deductions. When you file separately, you are generally unable to take advantage of many tax benefits. Including:
In addition you will not be able to claim the advantages that couples who are married filed jointly can leverage, such as those for personal exemptions, itemized deductions, capital losses, and the Child Tax Credit, all of which are halved when filing separately.
For couples who live in community property states (Arizona, California, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), filing separately adds even more complexity. Community property allocations and adjustments add more work and time to the completion of your returns.
It’s always prudent to consult with a tax attorney Brooklyn trusts for such tax issues. Separate filers also cannot take advantage of some of the tax laws’ investment benefits. For example, the IRA deduction is usually smaller.
When It Makes Sense
Working with a CPA Brooklyn residents can determine situations that may make more sense to file separately. Note that these situations are generally rare. If you or spouse have extensive medical expenses, you may want to file separately when these expenses exceed 7.5 percent of your adjustable gross income (AGI). Calculated separately, the AGI may allow you to deduct more than if the AGI is calculated jointly with your spouse.
For Brooklyn NY married couples, there’s a lot to consider when federal income taxes are concerned. At Tax Town of Brooklyn is the tax lawyer Brooklyn residents rely on to provide a full range of tax services, including individual and business taxes, audit defense, and estate taxes.