I am undecided to file taxes under married file jointly or married file separately.?

We have two kids with a combine income of 48,000? What will the new tax break be for us?





Thanks in advance.I am undecided to file taxes under married file jointly or married file separately.?
1. Almost always, you pay less in taxes if you file jointly.





2. Under the bill passed by the House, if you are married filing jointly, you would be eligible to receive a rebate of up to $1200 if you paid that much in Federal Income Tax. Single (or married filing separately) taxpayers are eligible to receive a rebate of up to $600. If you qualify for a rebate, you would also get an additional $300 for each child.





While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.





It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes.





Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.





Check out the referenced site below for more info.I am undecided to file taxes under married file jointly or married file separately.?
You will want to file married filing jointly. You get MORE benefits and taxed LESS than if you file MFS. MFS is just like filing single.





PS you can not file as HoH since you are married.





IF you do not itemize and you take the standard deduction you will have a taxable income of 23,700. Tax is 2,769. If your children are under 17 then you get 2,000 in child tax credit. Making your taxed owed 769. So subtract 769 from what you paid into withholding and that is your refund. (will be lower if you have other deductions or credits not listed above ex: child care, student loans, or if you opt to itemize using mortgage interest)








Your rebate will then be 769 and you will also get $300 per child so your rebate will be a total of $1,369.
You will get more back if you file head of household, and she files married filing separately..
DO BOTH -- try them out and see how the figures come out....then decide....it's not hard to figure it out...you don't have to FILE what you put in pencil.
If sounds like you want to file jointly . . . Not enough income and other income . . . File jointly.
work it out both ways to find out which way will bring you the most money.
yes. its smarter to file jointly.. if u do seperatly then you'll have to 2 pay 2 filing fees








do you make more than her? they will show u if its better to file jointly or seperatly!!
You need to file married filing jointly if you want to take dependent care credit, education credits. You cannot qualify for EIC if you file separately. Also, if you file separate and one spouse itemizes the other must itemize also because the standard deduction would be zero.





There are alot of reasons not to file separate and rarely is it a benefit to do so.