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Received our K-1.... Husband and I owe 6,000. For our

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Received our K-1.... Husband...

Received our K-1.... Husband and I owe 6,000. For our personal taxes, must have been kicked into a higher tax bracket. Was thinking of Married filing separately. We have joint everything so would itemize equally, separately. None of the listed items that would hurt us in that fashion. ( Child credit etc.) Would this be a wise move???? Maybe do the math and see???? Brandy Wa. State

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

We have a mortgage and medical payments etc. Our Sports Bar made 119,000 more this year. We had employment earnings as 28,887 our partners ordinary business income was 6,854 LLC...He looks like he didn't receive the same. He was non material as my husband is.

Submitted: 1 month ago.Category: Tax
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3/16/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,781
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Married filing separate is usually the LEAST ADVANTAGEOUS filing status

BUT

You definitely should run the numbers and see which filing status gives you the better benefit.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Barbara
Barbara
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Category: Tax
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