Are you torn between filing jointly with your spouse or separately? This video should help you make that decision. If you find that your refund is being taken by the IRS because your spouse has back debts, this video also tells you how can get the refund that is coming to you as an "injured spouse." Here is a rundown of all the filing statuses: Resources: IRS Publication 17: "Your Federal Income Tax" IRS Form 8379: "Injured Spouse Allocation" IRS Publication 555: "Community Property": "Which States Recognize Common Law Marriage?" nolo.com The Tax Geek on Twitter: @taxgeekusa The Tax Geek on Reddit: www.reddit.com/r/askatasgeek Intro and background music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice for any specific situation. It you have questions about your specific situation, please check the resources above or consult a qualified tax professional in your community. The information in this video is based on tax law and IRS regulations as of the date of publication....(read more)
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When it comes to filing your taxes, there are several different options available to you. For married couples, the most common options are to file jointly or separately. Understanding the differences between these two methods is essential to make the best decision for your family’s financial situation. Married Filing Jointly Married filing jointly is the method that most married couples use to file their taxes. This method allows couples to combine their income, deductions, and exemptions on a single tax return. It can be beneficial in many ways, such as the ability to claim larger deductions, qualify for more tax credits, and have a lower tax rate. When married couples file jointly, their income is pooled, and the total income is subject to tax at the same rate. This can often result in a lower tax bill, especially when one spouse earns significantly more than the other. Additionally, couples who file jointly may be eligible for more tax deductions and credits than they would if they filed separately. Married Filing Separately Married filing separately is another option available for married couples. This method means that each spouse files an individual tax return, reporting their own income, deductions, and exemptions. Filing separately can be beneficial in certain situations, such as when one spouse has a lot of deductions, and the other doesn’t have any. Filing separately can also be beneficial for couples with a large income disparity. In some cases, it may be possible to lower the overall tax liability by separating the income and claiming certain deductions and credits on separate returns. However, it's essential to note that filing separately can sometimes result in higher taxes than filing jointly. For example, couples who file separately may not be eligible for certain tax credits, and the tax rates for each individual spouse may be higher than if they had filed jointly. Which Option is Right for You? Deciding whether to file jointly or separately depends on a variety of factors, including your income, deductions, and other financial considerations. When deciding which method to use, it's essential to take into account all the different factors that can affect your tax bill. In most cases, filing jointly is the best option for married couples, but there may be circumstances where filing separately is more beneficial. It’s essential to consult with a tax professional or financial advisor to help you determine which method will work best for you. In conclusion, the decision to file jointly or separately can have a significant impact on your tax bill. It's crucial to weigh all the options and factors involved before making a decision. Remember that there's no one-size-fits-all answer and consulting with a professional can help you make an informed decision that will benefit your finances in the long run. https://inflationprotection.org/married-couples-comparing-joint-filing-to-separate-filing/?feed_id=102432&_unique_id=6474f9191ed7a #Inflation #Retirement #GoldIRA #Wealth #Investing #communityproperty #FederalIncomeTax #filingstatus #Form8379 #InjuredSpouse #marriedfilingjoint #marriedfilingseparately #SpousalIRA #communityproperty #FederalIncomeTax #filingstatus #Form8379 #InjuredSpouse #marriedfilingjoint #marriedfilingseparately
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