Ask Terry Questions tax return — separate to save money?

tax return — separate to save money?

By Terry Savage on March 26, 2019 | Wild Card

Hi Terry, My wife and I have been doing our tax return joint, would it be better to do ours separate now with the new laws, we have lost quite a few deductions, the new laws do not seem to help us any. Thank you Terry, have a Great day.

Terry Says

Sorry, but that won’t help you!  And it may even increase your taxes!  The govt is one step ahead of you.  It says your deduction for federal and state taxes is limited to $10,000 — whether you are single, or married, or married and filing separately.  The only thing that might help is a divorce!  And you don’t want to do that!



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