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Tax Lawyer Brooklyn

Recently Married? Is it Better to File Jointly or Separately?

 

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:

  • The Earned Income Credit (EIC), which can provide a major benefit for those with and without children
  • Child and dependent care credits, which allow residents to deduct the costs of caring for offspring, elderly parents, or other family members
  • Education benefits for you or your children, including tuition, enrollment fees, lab fees, books, supplies, and other course-related expenses
  • The adoption credit to defer some of the expenses associated with adopting children, including adoption fees, attorney fees, home studies by a placement agency, travel expenses, and visas
  • Deductions for student loan interest paid

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.

 

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