Getting married? Already Married? One question people often have is should they file taxes joint or separate from spouse? This is because combining finances as a married couple can be both exciting and intimidating. In this video we break down the differences between the married filing jointly (MFJ) and married filing separately (MFS) filing status so you can decide which might be best for you. The IRS actually prefers MFJ tax returns. There are tax credits that married filing jointly taxpayers are eligible for that married filing separately couples don’t get to claim. The tax credits that married filing separately taxpayers lose are: Earned Income Tax Credit Child Tax Credit Dependent Care Tax Credit Education Tax Credits So while most people choose the standard MFJ route, there are a few instances when filing taxes MFS makes sense. To that end, we discuss three instances in which you may absolutely NOT want to file a joint tax return! And what if you filed taxes in the past with a now ex-spouse and the IRS is coming after you for back taxes? Well, we discuss the IRS injured spouse relief and innocent spouse relief tools that might be able to help you out now and in the future. 😉 Tax Chit Chat S2 EP 14 File Taxes Joint or Separate From Spouse? 🕘Timestamps: 0:00 Intro 0:22 The Balance article 0:55 Why you might want to file with your spouse 1:32 Reason #1 to file MFS 2:06 Reason #2 to file MFS 2:43 Reason #3 to file MFS 3:28 Recap! ☕☕☕ Say Thanks?! Support the channel and Buy Me A Coffee: 📚📺📻 Resources Our Money Management Blog/Courses: The Married Filing Separately Tax Filing Status (The Balance): Blog Post: Is Married Filing Separately (MFS) Right For You?: IRS Form 8379, Injured Spouse Allocation: IRS Post: Innocent Spouse Relief: Jared’s Book How to Slash Your Taxes Legally and Ethically: 🎙🎥💻📸 Gear & Other Things We Use TubeBuddy: Sign up to BuyMeACoffee here: What is Tax Chit Chat? Do you really "understand" taxes? Do you want to learn the best ways to cut your tax bill while staying on the good side of the IRS? Well, that's the point of this video series. Here, we hope to help YOU Slash Your Taxes Legally and Ethically! 😉 Subscribe to this channel to never miss another money/tax educating video!! Have questions? Want them possibly answered on a future episode? We would love to answer them! Simply shoot us an email at: questions@makemymoneymakesense.com Your friends, The Professionals at Wilson Rogers & Company 773-239-8850 🎶 Song Credits: Ethereal Dream by Artificial.Music & ASHUTOSH Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Free Download: Music promoted by Audio Library 🎨 Artwork: Michael R. Voogd www.VoogDesigns.com (805) 768-4503 DISCLAIMERS & DISCLOSURES ❤ **This video is meant to provide competent and reliable information regarding the subject matter covered. However, it is viewed with the understanding that the creator and provider are not engaged in rendering legal, financial or other professional advice. Laws and practices often vary from state to state, and as such, the information presented herein is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your financial decisions. If legal or expert assistance is required, the services of a professional should be sought. The creator and provider specifically disclaim any liability incurred from the use or application of the contents of this video. Some of the links contained in this description are affiliate links. Wilson Rogers & Company is a participant in the Amazon Services LLC Associates Program (and others) which is an affiliate advertising program. Should you make a purchase via one of the links above, we will earn a small commission with no additional cost to you. To that end, we thank you for your support! 😉 ** --------------------------------SOCIAL-------------------------------- 👥Facebook: 📷 Instagram: 🐦Twitter: #FileTaxesJointorSeparateFromSpouse #marriedfilingseparately #marriedfilingjointly #taxchitchat #jaredrrogerscpa #makemymoneymakesense #africanamericancpa #blackcpa #TCC...(read more)
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Tax season is upon us and with it comes the question of whether you should file your taxes jointly or separately from your spouse. This is an important decision that can have a significant impact on your tax liability, so it’s important to understand the pros and cons of each option. Filing jointly with your spouse gives you the benefit of being able to combine your incomes and deductions, allowing you to potentially qualify for more tax credits and deductions. Additionally, filing jointly may result in a lower overall tax bill than filing separately. On the other hand, filing separately from your spouse can also have its advantages. For example, it can help protect one spouse from being responsible for the other’s tax liabilities. Additionally, it can give one spouse the opportunity to take advantage of certain tax credits and deductions that they would not be eligible for if they were filing jointly. Ultimately, the decision of whether to file jointly or separately from your spouse is a personal one. It’s important to consider your individual financial situation and the potential tax implications of each option before making a decision. Additionally, it’s a good idea to consult a tax professional to ensure that you’re making the best decision for your particular situation. https://inflationprotection.org/file-taxes-joint-or-separate-from-spouse-tcc/?feed_id=74292&_unique_id=63fcd16ff1b86 #Inflation #Retirement #GoldIRA #Wealth #Investing #FileTaxesJointorSeparateFromSpouse #filingjointreturns #filingtaxesjointlyvsseparately #Form8379 #howdoesmarriedfilingseparatelywork #innocentspouserelief #marriedfilingjointly #marriedfilingseparately #shouldmarriedtaxpayersfilereturnsjointlyorseparately #tCC #thebalance #whenshouldmarriedcouplesfiletaxesseparately #whenshouldyoubemarriedfilingseparate #whenspouseowesbacktaxes #whyamarriedtaxpayerwouldfileseparately #SpousalIRA #FileTaxesJointorSeparateFromSpouse #filingjointreturns #filingtaxesjointlyvsseparately #Form8379 #howdoesmarriedfilingseparatelywork #innocentspouserelief #marriedfilingjointly #marriedfilingseparately #shouldmarriedtaxpayersfilereturnsjointlyorseparately #tCC #thebalance #whenshouldmarriedcouplesfiletaxesseparately #whenshouldyoubemarriedfilingseparate #whenspouseowesbacktaxes #whyamarriedtaxpayerwouldfileseparately
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