Do I File Jointly?

[JeepGirl6]

I just got married a month ago, will it benefit us more for my husband and I to file together or seperate? Are we still able to file through turbotax? Also we are looking at buying a new home, for financial abilities, we were thinking I shouldnt take any decuctions this year to show my actual income I made to get approved for a home easier because we heard banks go by the income after deductions are taken out. Is this a good thing to do? Thanks

[nanglgrl]

You are correct, banks do go by the amount of income after deductions. Most won't even consider self-employment income until you've been in business for 2 years so make sure you bring 2 years worth of tax returns. Be prepared to owe money if you don't take any deductions out of your income. I can't answer the other questions. The answer would depend on you and your husbands income as individuals and as a couple to see what tax breaks you could get.

[itlw8]

When we refinanced I took in 3 years of tax returns and I also too the time to write out the deductions that I would have had even if I was not in business like the deduction for the house and the utilities. I do not waste money just buying things for a deduction.

I was very business like and they had no problem giving me the loan based on my income before those deductions.

[TomCopeland]

Originally Posted by JeepGirl6

I just got married a month ago, will it benefit us more for my husband and I to file together or seperate? Are we still able to file through turbotax? Also we are looking at buying a new home, for financial abilities, we were thinking I shouldnt take any decuctions this year to show my actual income I made to get approved for a home easier because we heard banks go by the income after deductions are taken out. Is this a good thing to do? Thanks

In general, most providers will be better off filing jointly, rather than separately. You can file either way with Turbo Tax. Turbo Tax will tell you which way is better for you. Banks will look at your profit, not gross income of your business. Not claiming all your allowable business deductions will mean you pay more in taxes. If you show no deductions, the bank will wonder why not. Go ahead and claim them. If your husband's income is sufficient, you may not have to rely on your income. If not, your past income history will be looked at, not just 2012.