It’s a question that every married couple asks when filing their tax returns; should they file joint or independent? There are several different ways to look at the solution to this problem. If you are wondering what you should do then consider the following situations before making your decision.
If a married couple has significant medical and non reimbursed medical expenses, it may be beneficial to file separate returns. This is because the ability to claim these expenses is a function of the adjusted gross income on the tax return. By splitting the return into two returns, the adjusted gross income is lowered and these may be claimed or more expenses can be claimed. Your Certified Public Accountant in New York will be able to advise you on which situation would be better for you.
Did you purchase a new home last year? There is a new housing credit that a lot of people are taking advantage of. The best way this could work jointly is if one spouse had a high income while the other had a low income for the year. A New York Certified Public Accountant will be able to help you decide which one is best for you.
Certified Public Accountants in New York are already familiar with all the necessary paperwork and the guidelines to determine if you meet the new housing tax credit based on the information that you supplied for tax preparation New York.
Just because you filed joint on the last year’s tax returns does not mean it is okay to file joint again this year. A lot changes in a year’s time and if any of these situations apply to you then you may need to ask the professionals who work with taxes New York to give you advice on which way to go. Always ask a CPA for professional advice when you are unsure of how to file your income tax returns.