Married Couples: To File Taxes Joint or Separate? I Mark Kohler




hi my name is Mark for CBA attorney and

senior tax advisor here at tax level

let's talk about the topic of married

filing separate versus jointly this is a

big topic because we want to find out

which way is the better way to go on our

tax return to get the maximum tax

savings now let me say initially of

course the tax Slayer software is

amazing to help you make this

determination because you can actually

run the numbers both directions you want

to check the boxes and and see which

option plays out so and this could be a

really good idea let's go through some

of the criteria that might encourage you

to take this extra time and step to see

what situation is best for you now what

we've noticed over the years and

thousands of types of terms is that

married filing joint is generally better

than married filing separately but the

reason why jointly generally works

better is because you get the dependent

care expense

and maybe the adoption expense some

unique expenses that can help you out

you get the double of the standard

deduction which is great and the tax

return is kind of built more for a

married filing joint a lot of the phase

outs are higher and if both of you are

not earning income equivalent levels

then those higher phase outs

pay off that's a good thing so that's

why the married filing joint has

generally been better in the long run

however in turn there's those

circumstances and and limited ones I

suppose where the separate filing

actually pays off for example when both

spouses are earning approximately the

same amount of money and sometimes good

amount of money you know that you're

gonna want to put in those figures and

see maybe the phase outs are actually

working against you the medical expense

is one of them and so you can sometimes

get a more bang for your buck as an

itemized deduction when you're married

filing separately in summary run the

numbers there's nothing wrong with it

and I think this is an important

consideration that you should think

about especially when you have a spouse

with all the income for the family or a

situation where both the husband and

wife are making about this

same amount that's when things can get

unique and tricky when it comes to these

phase outs and unique deductions so run

it through the software you're gonna be

able to determine quickly which method

is best for you and let's get in there

save some taxes