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
CRM and Digital Marketing (w/ Special Guest Fred Varin and Jackie Brajner)
Business Meal Tax Deductions After Tax Law
Using Habits to Attain Goals
Stop Commingling Personal and Business Items
Tax Savings for Real Estate Investors (w/ Special Guest Paul Moore)
Sole Props and Partners Mistakenly Paying Themselves Illegal W2 Wages
Hiring Your Children in Your Business
Mortgages for the Self Employed (w/ Special Guest Bill Moeller)
Looking Ahead to 2019 Taxes
Xerocon and Free Bookkeeping Training Program
Turning a Side Hustle Into a Business (w/ Special Guest Eric Rosenberg)
Time Tracking for Employees and Job Costing (TSheets)
Payroll in the Modern Day (Gusto)
Business Credit and Alternative Funding (w/ Special Guest Kimberly Massey)
SIMPLE IRA and 401(k)
SEP IRA and Solo 401(k)
Passive Investing Using Real Estate (w/ Special Guest Lane Kawaoka)
Traditional and Roth IRA Overview
Fulfillment in Giving Back
4 Things You Can Do Now to Avoid Accounting and Tax Stress
Create your
podcast in
minutes
It is Free
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money