Which way to file to maximize Tax return?

[nikirose]

What is the name of your state (only U.S. law)? New Mexico
My husband & I got married at the beginning of April 2008. We had a baby in August of 2008. He sold stocks in January of 2008 (& got a 1099 for it). He also sold a piece of property for $20K (bought it for $10K several years ago). I had owned a home before we met & I pay an interest only loan on it (about $6000 in interest per year). I also own my own side business which I've filed with my personal tax return last year (it will be a $1K loss roughly). Together we make less than $100K per year.
So my question is, what way should we file our taxes to maximize our return (unless we'll be owing)? With a new baby & home interest, even with the added income of the sold stocks & sold land we should be okay as far as owing (I'm hoping). We will have to itemize but should we file separately & claim different items, or file jointly and claim everything, or file Head of Household? or file single with me taking all the deductions? Or him taking all the deductions? What is the best way to get the most $$$ back?

 

[irsos]

What is the name of your state (only U.S. law)? New Mexico
My husband & I got married at the beginning of April 2008. We had a baby in August of 2008. He sold stocks in January of 2008 (& got a 1099 for it). He also sold a piece of property for $20K (bought it for $10K several years ago). I had owned a home before we met & I pay an interest only loan on it (about $6000 in interest per year). I also own my own side business which I've filed with my personal tax return last year (it will be a $1K loss roughly). Together we make less than $100K per year.
So my question is, what way should we file our taxes to maximize our return (unless we'll be owing)? With a new baby & home interest, even with the added income of the sold stocks & sold land we should be okay as far as owing (I'm hoping). We will have to itemize but should we file separately & claim different items, or file jointly and claim everything, or file Head of Household? or file single with me taking all the deductions? Or him taking all the deductions? What is the best way to get the most $$$ back?

Your only options are married filing jointly and married filing seperately. You will likely be better of filing jointly. I suggest professional help given all of your life changes.