Tax Tip of the Day – Find out the right filing status for your particular situation
Married taxpayers who file jointly enjoy lower Federal tax rates on income even if only one spouse is working. Two married filing jointly taxpayers with no children that earn $125,000 pay $6,000 less in Federal taxes than a single person making $125,000! The key as it always is with tax filing is to know how the individual rule applies or know a qualified person who does! Some people do wait until the following year to get married or vice versa depending on the more favorable tax situation!
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!