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Getting the most out of taxes

For those of you experienced tax payers. I need your help. I've always filed my own taxes on Turbo tax...However, This year I have a son and I am married. Is it better to file married or separate? If we file separate who should claim the child me or my husband. If he qualifies for earned income credit but I don't because i'm not old enough how will that affect our tax paying? I want to make sure we get the most back and I don't screw it up.

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Anonymous

Asked by Anonymous at 1:48 AM on Dec. 18, 2008 in Money & Work

Answers (4)
  • Since we have a home business we have an Accountant. If you are married you should not be filing single. I would go online to the irs.gov site and get the right answer.
    usanamama

    Answer by usanamama at 4:32 AM on Dec. 18, 2008

  • Talk to an accountant. H and R block would help too. I know it is way better to file married filing joint than marriied filing seperate unless you are making ALOT of money.
    okmommy08

    Answer by okmommy08 at 6:37 AM on Dec. 18, 2008

  • Its probably going to work out better for you to file together. I think the tax credits are going to be more for you. This is just what I have experienced. I would find someone to help you if youre not sure. The little kiosk in walmart is not what I mean. Find a reputable office to help you out. Usually their fees are not any higher. Good luck.
    momofsaee

    Answer by momofsaee at 9:33 AM on Dec. 18, 2008

  • Typically it works out better to do married filing joint. Only real way to know is to fill out the forms both ways. I am an accountant and we have software that optimizes the filing options. I'd imagine H&R block would have something similiar. Also, I don't think the earned income credit has anything to do with age. It depends on income. Best bet is to talk to someone now to see if there is anything you can do to help with your tax bills. After year end, all anyone can do is report your income.
    Anonymous

    Answer by Anonymous at 1:38 PM on Dec. 18, 2008

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