Tax in Action: Practical Strategies for Tax Pros

Joint vs Separate: Marriage Filing Fundamentals

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Most tax professionals assume joint filing is the default for married couples, but the tax code actually says the opposite. Jeremy Wells explores the surprising reality that married filing separately is technically the default status, requiring both spouses to elect joint filing under IRC Section 6013. He breaks down the key disadvantages of separate returns—from reduced credits to income limitations—while explaining legitimate scenarios where paying extra tax through separate filing can lead to better overall financial outcomes, particularly with student loan repayment strategies.

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  • (00:00) - Welcome to Tax in Action
  • (01:03) - Default Filing Status for Married Couples
  • (02:42) - Misinterpretations of Joint Filing
  • (06:30) - Exceptions and Special Cases
  • (11:00) - Why Joint Returns Have Become the Default for Married Couples
  • (22:43) - Disadvantages of Filing Separately
  • (32:04) - Loss of Available Credits
  • (46:22) - Reasons to Consider Filing Separately
  • (54:55) - Common Myths and Misunderstandings
  • (57:49) - Exceptions to Irrevocable Joint Filing
  • (01:01:24) - Conclusion and Final Thoughts

    • Connect with Jeremy
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    https://www.steadfastbookkeeping.com

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    This podcast is a production of the Earmark Media

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    Tax in Action: Practical Strategies for Tax ProsBy Jeremy Wells, EA, CPA
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