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Daycare Center and Family Home Forum>Getting Married and Taxes
MarinaVanessa 09:30 AM 11-17-2011
Okay so my other half and I are finally taking the plunge and getting married next year and now I'm worried. I don't fully understand the new tax laws coming out for next year but as far as I understand it, it's almost like they're penalizing married couples 
.
DH (it's easier to call him that
) and I have a domestic partnership and are able to file for taxes seperately and we both have always gotten a tax return. Last year and this year we will be able to so again. My DH claims our son and I claim my daughter.
BUT from looking at the new tax regulations it looks like we'll have to pay in 2013. Not for anything but one of the reasons we had decided to have a baby together before we got married was so that we could have that second deduction once we were married and still be okay, otherwise we would have just waited to get married first. So now it looks like we're screwed. With both his and my combined income we will get bumped up into the next tax bracket and be penalized. Once again this is another positive to being single with children 
. Why is it that they make it so hard for married families?
How do you married ladies do it? What are your thoughts?
.DH (it's easier to call him that
) and I have a domestic partnership and are able to file for taxes seperately and we both have always gotten a tax return. Last year and this year we will be able to so again. My DH claims our son and I claim my daughter.BUT from looking at the new tax regulations it looks like we'll have to pay in 2013
. Not for anything but one of the reasons we had decided to have a baby together before we got married was so that we could have that second deduction once we were married and still be okay, otherwise we would have just waited to get married first. So now it looks like we're screwed. With both his and my combined income we will get bumped up into the next tax bracket and be penalized. Once again this is another positive to being single with children . Why is it that they make it so hard for married families? How do you married ladies do it? What are your thoughts?
wdmmom 09:38 AM 11-17-2011
My DH and I have been together for 4 years. We got married last year and filed for the first time together. We still got back close to the amount that we expected.
Keep in mind that if you are able to get the Earned Income Credit, you can only get this on 2 kids normally. I think this year is the last year you can claim 3.
Also, tax laws change every year.
There are several factors you need to take into consideration. Do you claim all of your income? Is Daycare your only income? Are you paying quarterly taxes?
You might also consider filing married but separately if it will net more of a return (not usually.)
You will be able to use several deductions. Keep all of your receipts.
Contact a tax professional that knows how to prepare taxes for self employment and daycare.
Good luck!
Keep in mind that if you are able to get the Earned Income Credit, you can only get this on 2 kids normally. I think this year is the last year you can claim 3.
Also, tax laws change every year.
There are several factors you need to take into consideration. Do you claim all of your income? Is Daycare your only income? Are you paying quarterly taxes?
You might also consider filing married but separately if it will net more of a return (not usually.)
You will be able to use several deductions. Keep all of your receipts.
Contact a tax professional that knows how to prepare taxes for self employment and daycare.
Good luck!
Michael 11:35 AM 11-17-2011
Originally Posted by MarinaVanessa:
Okay so my other half and I are finally taking the plunge and getting married next year and now I'm worried. I don't fully understand the new tax laws coming out for next year but as far as I understand it, it's almost like they're penalizing married couples.
This is my understanding also. Maybe Tom will offer an answer and we are having a Tax Season Webinar soon and you can get a lot of your questions answered in real time.Okay so my other half and I are finally taking the plunge and getting married next year and now I'm worried. I don't fully understand the new tax laws coming out for next year but as far as I understand it, it's almost like they're penalizing married couples
.
MarinaVanessa 09:19 AM 11-21-2011
Originally Posted by Michael:
This is my understanding also. Maybe Tom will offer an answer and we are having a Tax Season Webinar soon and you can get a lot of your questions answered in real time.
Yeah thanks, I'm anticipating the webinar. I'm thinking about getting a new tax consultant because even though mine is great and I love her, every time that I ask her questions like this (advance things about the future) she says that I'll know at the end of the yearThis is my understanding also. Maybe Tom will offer an answer and we are having a Tax Season Webinar soon and you can get a lot of your questions answered in real time.
Um ... I'm asking you now for advice so that I know what to do in the furture BEFORE I end up having to pay. I DON'T want to wait until the end of the year and SEE if we have to pay, I want to AVOID it ... or at least pay the very least.
MarinaVanessa 09:25 AM 11-21-2011
Originally Posted by wdmmom:
My DH and I have been together for 4 years. We got married last year and filed for the first time together. We still got back close to the amount that we expected.
Keep in mind that if you are able to get the Earned Income Credit, you can only get this on 2 kids normally. I think this year is the last year you can claim 3.
Also, tax laws change every year.
There are several factors you need to take into consideration.
Do you claim all of your income? Yes, I claim all of my income and so does my DH. He works FT for the county and gets paid salary and has his own IT support business on the side.
Is Daycare your only income? Yes, daycare is my only business now but once we get married both of our incomes will be combines right?
Are you paying quarterly taxes? No, I don't pay quarterly. WOuld paying quarterly make it easier on me?
You might also consider filing married but separately if it will net more of a return (not usually.) This is what I though also. Most married couples that I know don't bother filing seperately because there isn't really a different. The only 2 couples that I know that do file seperately only do it because they like doing their taxes early and their spouses are unorganized and always do theirs last minute.
You will be able to use several deductions. Keep all of your receipts.
Contact a tax professional that knows how to prepare taxes for self employment and daycare.
Good luck! Thanks, I have a feeling that I'm going to need it
Thanks again for your help guys.My DH and I have been together for 4 years. We got married last year and filed for the first time together. We still got back close to the amount that we expected.
Keep in mind that if you are able to get the Earned Income Credit, you can only get this on 2 kids normally. I think this year is the last year you can claim 3.
Also, tax laws change every year.
There are several factors you need to take into consideration.
Do you claim all of your income? Yes, I claim all of my income and so does my DH. He works FT for the county and gets paid salary and has his own IT support business on the side.
Is Daycare your only income? Yes, daycare is my only business now but once we get married both of our incomes will be combines right?
Are you paying quarterly taxes? No, I don't pay quarterly. WOuld paying quarterly make it easier on me?
You might also consider filing married but separately if it will net more of a return (not usually.) This is what I though also. Most married couples that I know don't bother filing seperately because there isn't really a different. The only 2 couples that I know that do file seperately only do it because they like doing their taxes early and their spouses are unorganized and always do theirs last minute.
You will be able to use several deductions. Keep all of your receipts.
Contact a tax professional that knows how to prepare taxes for self employment and daycare.
Good luck! Thanks, I have a feeling that I'm going to need it