so how will income tax changes with getting marry?

pay more? less? no change? (as a couple)

 

Filed Jointly last year for the first time...ended up with more than we would have otherwise!!

This year should be great, bought our house last May!

 

you generally pay less.

the tax rates themselves are the same. The difference is that when married, the higher rates kick in at higher income levels.

 

Say you own a house by yourself. You pay interest and property tax on it, which you take as a deduction on your income taxes. This is more than you would have gotten from the standard deduction if you didn't own the house.

You meet a girl. She's renting an apartment and takes the standard tax deduction.

You get married and move in together. Filing jointly, the two of you only get to take the interest and property taxes as a deduction. So you end up paying more income tax combined, right? Filing seperately, you put the house stuff on your return, but does your new wife get to take the standard deduction?

 

YMMV; talk to a professional.

 

For me it went up as we got kicked into the highest taxable income bracket

 

^ right, When both spouses work, the higher brackets come in when the income is combined. You've heard of the marriage penalty, right? If one makes min. wage, it probably won't matter, but add to $80K incomes together and bend over.

 

i guess i need to talk to a professional about it

i am thinking should we get a house soon (in socal, even the price *might* go down some more in the future) or should we wait a little longer and see if the price of houses does come down a little more (and risk paying higher taxes) .. ?

 

Get turbo tax and figure it both ways to see which works best. Married joint- or married seperate. It will still cost the same $40.

 

just to clarify, married couple can still file for taxes separately? or do they have to file taxes together?

if they have a choice, what's the benefit of filing taxes together as a couple?