Taxes are something that many people dread doing. However, they can be made much simpler when filing taxes as a married couple. This article will go over some of the things you need to know about filing taxes as a married person and how you can make your life easier by following these tips.
Below are some tips for filing taxes when married.
Know What To Expect From Your Taxes
The first thing that you need to do is understand what to expect from your taxes. This means knowing which forms you will be filling out and how everything will be calculated. Generally speaking, there are three different types of tax returns: the standard return, the itemized return, and the simplified return. The standard return is for people who have a relatively simple financial situation, while the itemized return is for more complicated finances. The simplified return is for people who do not claim any deductions or credits.
Generally speaking, most married couples will file their taxes using the standard return. This is because it is the simplest option, and it will generally result in the lowest tax bill. However, some married couples will file their taxes using the simplified return if they have many deductions or credits to claim.
File Jointly or Separately
The next thing you need to know about filing taxes as a married couple is filing jointly and separately. Generally speaking, most legally married people will file their taxes using the “married filing jointly” status. This results in a lower tax bill than using separate tax returns for each spouse. However, there are some circumstances where it may be beneficial to file separately. For example, if one spouse has a lot of medical expenses or other deductions that they would like to claim, filing jointly might increase their taxes.
Get a Copy of W-2 From Employer
The first step in filing your taxes is to get a copy of your W-02 from your employer. This form will show how much money you earned during the year, and it will be used to calculate your tax bill. If you have more than one job, you will need to get a W-02 from each employer.
The main thing that you need to remember about your taxes is that there are two different types of people who can choose how they want to file: those filing jointly and those who File separately. The decision of whether to file jointly or separately should be made after discussing your finances with your spouse and looking at the tax forms themselves.
