Re: Tax Day - April 15!! Tips and suggestions Shobana, I have a doubt...when to go for itemized rather than standard....
Re: Tax Day - April 15!! Tips and suggestions Hi Shravanthika, If you have itemized deductions more than $30000.00, then you can go for itemized deductions else go for standard. Few Itemized deductions: 1. Mortgage interest 2. If you have own business 3. Real estate tax 4. Student loans and interest Hope this might help you. ~Punitha
Re: Tax Day - April 15!! Tips and suggestions We just got married in Oct..was wondering if there are any more stuff with taxation where we can use the married tag..
Re: Tax Day - April 15!! Tips and suggestions Shravanthika - I know that Punitha answered your question - but here is what it comes down to - you get to deduct either the standard or itemized whichever gives you a higher deduction. Standard deduction for married filing a joint return $ 10,700. So, if the total of your itemized exceeds this amount, use itemized otherwise use standard deduction. Having said that, there are phase out rules when you income exceeds certain levels, etc. If you have any more questions, let me know. Most software will easily handle this -
Re: Tax Day - April 15!! Tips and suggestions You will most probably be filing as "married filing joint" return - you combine all income and deductions. A lot of working couples end up paying more tax when they get married and file a joint return because the combined income pushes them into a higher tax bracket - they call this the "marriage penalty" - go figure!
Re: Tax Day - April 15!! Tips and suggestions Hi IL, Inspite of me being a male, thanks for letting me to get into the forum. I have one question regarding tax filing. My daughter born here last year is right now in India. Can I include as my dependent when I do my taxes? My wife is workign too. Thanks, Arun.A
Re: Tax Day - April 15!! Tips and suggestions Hi puni We are new to US...Jus came in the month of June'07. My husband works for a private concern in H1B. I joined my husband in the month of August'07. He got is W-2 form from his office. He said he need to file the IT returns. Though I am Commerce graduate with tax returns knowledge (only relating to India), I dont know anything abt US taxation. Can you pl let us know how we can file returns online ? Do we need to have consultation with any tax assistant ? Am a house wife in H4, so no income for me. And we dont pay any mortgage or housing loan here....Help us in this regard. I jus want to help my husband in this regard....
