OT - Filing Taxes

[TinkandAriel]

This is the first year I'll have to worry about filing taxes since we've been married, had kid and all that. Dh is self employed and rarely gets any tax return (if we're lucky our accountant figures it out so that we owe nothing/get nothing back) However, our accountant never gets the taxes filed til, oh, this year it was October. He usually files extensions or whatnot.
Now, should I file separately, bc it's as simple as filing a single form (I only work parttime), and see what I'll get for a return? It won't be much, as I have little taken out for taxes per payperiod...
Or, should I just file with dh and wait forever for our accountant to do his thing?
(I'm hoping that if I get a bit of a return it'll get me that much closer to a disney trip this year ))

whadaya think?

 

[candicenicole19]

I would not file saperatly because with out you and your child then your DH might owe this year. I would just find someone different to file the taxs or use turbo tax. You do them yourself ad get your refund back a lot sooner. I think it took 2 weeks for mine to get into my checking account. This year I do not think I will be able to use turbotax because we did not pay pay taxes on my husbands second job (We thought they were taking them out, ugg) so i think we will have to hire someone but without that i would be using turbotax for sure! HTH, candice

 

[JudicialTyranny]

You can try figuring it out that way, but "married filing separately" is not the same as filing as a single person. There are only certain situations where it works out that filing separately saves money - often it increases your taxes.

For example, you will not be able to use the "standard deduction" if your husbands tax return itemizes deductions.

You also will not be able to take any credits for education, child care, or the earned income tax credit.

Get a new accountant! I've had my own business for over 10 years and my returns have always been filed by April 15.

 

[Disneyfan63]

Hi,

There's no law that says you can't file separately even if you normally file with your DH. Filing separately means that you're reponsible for only your income on your return. If you do file separately, your husband must also file separately.

The problem with applying for any extensions of time to file is that they are not extensions of time to pay the tax; any tax owed is due by April 15, regardless of when the return is filed. Any tax owed after April 15 is subject to a failure to pay penalty of one-half of one percent per month (or part of a month) up to a maximum of 25 percent, as well as to interest compounded daily at 8 percent a year.

Jim

 

[Disneyfan63]

Hi candicenicole,

If federal income tax was not withheld from your husband's second job, his employer may have considered him to be an independent contractor (i.e., self-employed). If so, don't be surprised if he gets a Form 1099-MISC (miscellaneous income) in the mail with his income listed in box 7 (nonemployee compensation). That's self-employment income and is subject to self-employment tax (separate from ordinary income tax), reported on Form 1040 (long form) and Schedule SE.

Jim

 

[cinjam]

I second the recommendation to get a new accountant

 

[seashoreCM]

So long as the tax return shows no required penalties or interest there is no compelling reason to get a new accountant.

DH probably made enough estimated tax payments during the year so he doesn't owe more on April 15.

Self employed persons and families can usually deduct much of the health insurance. The health plan needs to be in the same name as the official business name and the Schedule C name, all three of which may be the same as DH's name in the case of a sole proprietorship.

Disney hints:
http://members.aol.com/ajaynejr/disney.htm