Wednesday, March 23, 2011
So by now, most of us have or are in the process of filing our taxes and as this is my first year filing married, I must say, it SUCKS!!! Holy crap, when you are married and make a combined income of $150k or more, you get no deductions. I was expecting quite a large return. My executive MBA cost a pretty penny and so I have been trying to quickly pay off those student loans. Well, nope, can't take the interest deduction if you are over $150k. The husband and I both have our old houses that we use as rental properties...nope, if you are over $150k can't take rental deductions...ugh, everything is limited. I know making over $150k as a couple isn't too shabby, but it isn't exactly balling either. I mean we are both young, 26 & 33 and we are at a point in our careers where we are climbing, so this was quite the bummer. I am pretty sure last year's limitation on married was $250k, but o well. I am glad I have enough knowledge and experience to research the tax laws for us and allow us to take our best situation, but to all you newlyweds- prepare for tax season and take more taxes out now!