Newly Married

[Jfs0019]

I got married this year. Both my wife and I work and recurve W2 income. How will this affect our taxes and what are some potholes to watch out for? I was planning on filling jointly but is there any benefit to filing separately(why would we need to?). Also, how does buying a house factor into our taxes as that’s on the horizon, just a little further away?

[KarenL]

Congratulations!  In general, it's best to file as Married Filing Jointly.  (This is particularly true if you live in a Community Property State.)  Your only other choice is Married Filing Separately.  There are sometimes drawbacks to filing separately, such as missing out on potential tax credits and deductions.  Check out this article on the differences Should You and Your Spouse File Jointly or Separately.  

Also, here's a great article you might want to check out called 7 Tax Advantages of Getting Married.  

When you buy a house, you could deduct your mortgage interest and property taxes.  However, you would have to have enough other itemized deductions to file Schedule A Itemized Deductions, in order to benefit.  Check out the differences between itemizing and using the Standard Deduction here.