How to Choose Your Tax Filing Status if You’re Married
If you’re married then you’ve probably just always filed a joint return with your spouse. In fact, chances are you’ve never even considered filing any other way. However, for some people, married filing jointly is not the best option. Depending on your situation, it could be more advantageous to file separately. Here are some things to consider when choosing what filing status to use if you are married.
While in many cases, filing together could help lessen the tax hit on you and your spouse it doesn’t always work that way. Sometimes, the only advantage of filing jointly is that you only have to worry about one return. If you and your spouse both work and one of you earns a lot more than the other, then it will typically be better to file jointly, as it will usually help reduce your combined tax bill.
On the other hand, there are other circumstances wherein it that might better to file separately. For example, if you both have taxable income and one of you has a lot of itemized deductions limited by adjusted gross income (AGI), then it might make sense to file separately. That’s because by filing separately, you can also separate both of your AGI’s. If your AGIs are lower on your separate returns, you can save on your tax bill.
This is just one example of where filing separately from your spouse could be helpful. However, it’s best to weigh all your options before making that choice. If you’re not sure what status to choose, you can contact us at GROCO for help. We’ll look at all the numbers and all the possible scenarios and choose the best path for you. Call us at 1-877-CPA-2006, or click here.
Your Successes Are More Important Than Your Failures
Your Successes Are More Important Than Your Failures If you look back on your life, whether it’s life in general or your career, or just about anything else, most likely you will remember the good times more than the bad. Of course, that doesn’t mean everything has gone perfect and that you haven’t had your share…
Clientele and Industries Served
Clientele and Industries Served In addition to serving over 1,200 individual tax clients, Greenstein, Rogoff, Olsen & Company, LLP serves companies in a wide range of industries. This listing presents the range of industries served by our firm. Industries Served: Our clientele span many industries and income brackets. High Technology Manufacturing Construction Hospitality Real Estate…
5 Ways to Successfully Network
5 Ways to Successfully Network Word of mouth is no longer the only networking option. As technology and the business world develop, so do networking opportunities. As consequence of our current recession, the recent rise of unemployment rates has caused many individuals to turn to more self-sufficient ways of making a living by starting their…
7 Tax Tips for Starting Your Own Business
7 Tax Tips for Starting Your Own Business Have you ever considered starting your own business? According to a recent survey, the rates of early-stage entrepreneurial activity surged in 2011, jumping nearly 60% in the U.S. More than 12% of U.S. adults reported starting a business or running new businesses last year. This is an…