You still have to pay taxes on that $5000 if you file together or not. if you don't file as joint only one of you can claim the kids. if you did file jointly, chances are you would owe, regardless how much he was going to get back.
you would save more in taxes filing jointly, but if you did file jointly, your husband would be owing and not getting a refund.
i guess it depends on how separate the two of you keep your finances.
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Submitted 298 days ago...
Filing jointly vs. filing married but separate
I am a new medical transcriptionist, working at home as an independent contractor. I didn't even make $5000 last year. My husband and I were wanting to know if it would be better on us financially to file married, but separate or jointly? I have been keeping a spreadsheet of my pay amounts and subtracting 20% from each one to get an idea of how much I would have to pay in. We have filed jointly in the past (when I was working outside the home) and file our taxes through TaxAct. We have 2 children that I stay at home with. Also, should be itemize or not considering my situation. I have never filed as an independent contractor before and I can't seem to find other medical transciptionists in my area that work at home and know how I should file. If anyone could help me, I would really appreciate it.
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