For the majority of married couples, filing a joint tax return makes sense, as it usually means you’re in a lower tax bracket. However, things change as you and your spouse approach parity in income, especially if you are both high earners.
Unfortunately, though, if you find yourself subject to the “marriage penalty” assessed on high earners, you can’t just file as single. Instead, if you attempt to beat the marriage penalty, you could find yourself in a worse position with the status Married Filing Separately – which usually results in the highest tax rate. Continue reading →
Did you hear that tax refunds were going to be delayed until October? Yeah, that’s false. An article on a satirical website last fall fueled controversy that taxpayers wouldn’t get their refunds until many, many months after filing. It isn’t true. However, the Commissioner of the IRS has made comments that may make it seem more plausible. Continue reading →
While e-file doesn’t open until January 20, that’s no reason to sit around and wait. Make it your New Year’s resolution to file your fastest tax return ever. It’ll be a great way to start off 2015. Here’s a step-by-step guide. Continue reading →
Here’s where it is simple. If you have regular employment – meaning you work for another person or corporation and receive a W-2 – and no one else can claim you on a federal tax return, you can use this chart to determine whether you need to file a return. Here’s how: Continue reading →
The IRS accepts tax returns filed one of two ways: on paper sent through the mail and electronically through e-file. About 88% of individual tax returns were e-filed between April 19, 2013 and April 18, 2014. That amounts to nearly 116 million tax returns. Continue reading →