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Author: rlala Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Tax Strategy for Married Couples Date: 3/29/1998 9:43 PM
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Could anyone help me out on what is the best strategy for deductions for married couples.
We both work and deduct our taxes at source ( each one of us takes only one deduction ) . Now that we are ready to file our taxes I have calculated that even though we did deduct our taxes our combined income requires us to pay much more to the IRS. Unfortunately we do not own a home so I am running out of ideas on how to save on taxes.
Any advice would be much appreciated.

Thanks in advance.

RL.
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3147 of 121585
Subject: Re: Tax Strategy for Married Couples Date: 3/31/1998 12:34 AM
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[[Could anyone help me out on what is the best strategy for deductions for married couples.
We both work and deduct our taxes at source ( each one of us takes only one deduction ) . Now
that we are ready to file our taxes I have calculated that even though we did deduct our taxes our
combined income requires us to pay much more to the IRS. Unfortunately we do not own a home
so I am running out of ideas on how to save on taxes.]]

Simply asking about "saving on taxes" is a subject that is really too broad to discuss here at this time. You can check out some of the post in the Taxes FAQ area for some information. But it would be better for you to visit your local bookstore and purchase a book or tax guide on these very issues.

TMF Taxes
Roy

SPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)


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Author: LasVegasFool One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3262 of 121585
Subject: Re: Tax Strategy for Married Couples Date: 4/4/1998 2:36 PM
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>Could anyone help me out on what is the best strategy >for deductions for married couples.
> We both work and deduct our taxes at source ( each >one of us takes only one deduction ) . Now
> that we are ready to file our taxes I have calculated >that even though we did deduct our taxes our
> combined income requires us to pay much more to the >IRS. Unfortunately we do not own a home
> so I am running out of ideas on how to save on taxes.
> Any advice would be much appreciated.

One thing: Refile your W-4's with higher witholding for next year. Taking the simplistic route of simply taking one deduction each doesn't do it for a dual-earner couple.

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Author: billmurrayfan One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3264 of 121585
Subject: Re: Tax Strategy for Married Couples Date: 4/4/1998 5:49 PM
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Your only other chance to reverse the government screw

job "marriage penalty" will come in November. Most

Republicans favor doing away with marriage penalty.

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