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
Unlock Hidden Tax Benefits: Post-Year-End Tactics for Entrepreneurs
Sales Tax Simplified: 3 Key Questions to Unravel Your Small Business Tax Obligations
Planning Ahead: The Undeniable Importance of Tax Planning Over Preparation for Business Owners
IRS's $600 Tax Rule Postponed: What It Means for Venmo, Cash App & PayPal Users in 2024
Conquer Tax Season 2024: Your Essential Prep Guide for 2023 Returns & Crucial Deadlines Every Business Owner Must Know
Master Your Future Retirement: With Guest from Retirement Revealed Podcast
Planting the Retirement Seed: With Guest from Retirement Tax Podcast
Listener Q&A with Mike Jesowshek CPA (12/13/2023)
Year-End Wrap-Up Part 2: Proactive Tax-Saving Strategies for Business Owners
Year-End Wrap-Up Part 1: Proactive Tax-Saving Strategies for Business Owners
Expert Tips on Year-End Tax Strategies for Small Business Owners
The ABCs of Business Tax: Understanding How Your Entity is Taxed and How to Pay Yourself
The Untold Benefits of Hiring Your Kids in Your Business
Small Business Tax Savings Podcast - 5 Years in Review
Navigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!
Listener Q&A with Mike: S-Corp Nuances, Home-Based Tax Strategies, Navigating Complex Deductions and More!
Mastering Tax Strategies for Health Costs: How to Maximize Deductions and Save Big!
Mastering Accountable Plans: Unlock Tax Savings and Streamline Business Expenses
Rev Up Your Tax Savings: Unleashing Powerful Vehicle Tax Strategies for Small Business Owners
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