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 tax
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)