I got married last year but am not sure how this will impact our taxes. My wife's taxes are simple, just income from job . I have job, side business and multiple rental properties. Assuming we file jointly, will it change how I do my side-business and rental property taxes? She helps out some with the rentals properties, but has no involvement with my side-business.
She earns around 150k/year. I earn 100k plus 25k/year from side business and around 5k/year from rental properties.
If nothing else, you will be calculating your taxes using married rates, not single rates. You will have the option of filing a joint return or filing separately - usually joint filing produces a lower tax liability except if you live in Ohio. Finally, you will need to know if you live in a community property state. If you do, half of each of your incomes is deemed to belong to the other. The preceding was a gross oversimplification of the rules. You can learn much more by reading the instructions to Form 1040 or IRS Pub. 17, Your Income Tax.
Ira Smilovitz
I have an unwritten book "Living in Sin for Fun and Profit". The unwritten first chapter is "Tax Planning - Just in case you decide to get married". As unromantic as it may be, tax planning is one of the necessities of life. If you have not been engaged in tax planning, consider having a CPA, an Enrolled Agent, or a Tax Attorney prepare your taxes and give you an introduction to tax planning.
Dick
Clearly the first chapter should be called something like "Engaging in Tax Planning" "Engaging in Tax Planning. Before the Wedding" "Engaging in Tax Planning for Engagements" or something similar along those lines.
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