filing status guestion: married filing jointly vs married filing separately



hello everyone, i was just recently married and i have some tax filing
question and i hope someone here will give some helpful inputs. i have
my cpa that handles my business and personal tax but i want to get
inputs from someone else as well. thanks in advance
so here's the situation: we live in texas, i have a small business.
my 1040 gross income (salary+distribution from business) is 123k,
after simple ira(11k), health ins(1.3k), property taxes(4k), other taxable income is 100k. i own my car and my home 100%
so i don't have mortagages. no debts whatsoever.
my wife works at a bank and her gross income is 32k, after 9k
deduction her taxable income is 23k. she has no debt either. she owns
a car 100%, but owns nothing else...

1. based on the above info which filing is appropriate for us? married
filing jointly or married filing separately?

2. if she decides to go back to school and earn 50k-60k after 3 years
how will taxes affect her extra 20k for us?

3. if we decide have kids is it worth it for us to pay to nanny or
better for her to stay home. since she doesn't make a whole lot. if
she decides to stay we will also have to pay for her health insurance.
i'm self employed so i pay for my own health insurance...




Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question