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 deductions...my 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...
- based on the above info which filing is appropriate for us? married filing jointly or married filing separately?
- if she decides to go back to school and earn 50k-60k after 3 years how will taxes affect her extra 20k for us?
- 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...
sincerely,
david