Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
Are you wondering if filing separately might be the right choice for your tax situation?
In this episode, Mike Jesowshek discusses various aspects of 'married filing separately' tax status, explaining when this filing status could be advantageous. He primarily mentions scenarios such as a high medical expense situation for one spouse, significant student loan debt based on income for one spouse, or a tax lien on one spouse. Though in general, he believes 'married filing jointly' often provides better tax benefits. Mike also highlights the potential downsides to filing separately, such as higher tax rates and the loss of certain tax benefits.
[00:00 - 04:13] Married Filing Separately: When does it make sense?
[04:13 - 06:29] The Downsides of Married Filing Separately
[06:29 - 09:10] The Process of Filing Separately
[09:10 - 15:23] Recap and Final Thoughts
Quotes:
"When you file separately, you're separating yourself from that spouse. So the spouse that doesn't have the tax debt doesn't get their refund necessarily taken away." - Mike Jesowshek, CPA
"Most taxpayers we talk to are far better off filing jointly instead of separately. But there are some specific cases where separately makes more sense." - Mike Jesowshek, CPA
"When you file separately, it doesn't mean that you're having marital issues... We just want to look at what the tax benefit is." - Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
What Retirement Options Are Available For Business Owners?
What Do I Need To Know About Sales Tax?
How Can I Make Tax Season Stress Free and What Are The 2020 Tax Due Dates?
What Do I Need To Know About the COVID Relief Bill?
Appearance on The One Big Tip Podcast with Jeff Mendelson
What Do I Need to Know About Purchasing, Deducting, and Depreciating a Business Vehicle?
What Do I Need To Know About Deducting Self-Employed Health Insurance? PLUS: Last Minute Medical Plan Strategies
What Can I Do In My Business Before Year-End to Minimize Taxes?
What Is An Accountable Plan and Why Is It Important To My Business?
Coronavirus (COVID-19): PPP Forgiveness and Tax Treatment + EIDL Advance
What Is a 1099-NEC and What Do I Need To Know About 1099s?
How Do I Value My Business? What Do I Need To Know If I Plan to Sell? (w/ Special Guest Liz Briggson)
All About Bookkeeping Panel Discussion with JETRO Bookkeepers
Top 7 Most Common Bookkeeping Mistakes Made
What is the Statement of Cash Flows? Any Other Important Financial Statements?
How Do I Read A Balance Sheet and Why Is It Important?
How Do I Read An Income Statement and Why Is It Important?
What Is An Income Statement vs Balance Sheet?
What Is Cash and Accrual Accounting?
What Are Bookkeeping Debits, Credits, and Chart of Accounts?
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money