Tax in Action: Practical Strategies for Tax Pros

Joint vs Separate: Marriage Filing Fundamentals

Listen Later

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.

Sponsors
SafeSend - taxshow.promo/safesend


  • (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
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of the Earmark Media

    ...more
    View all episodesView all episodes
    Download on the App Store
    Tax in Action: Practical Strategies for Tax ProsBy Jeremy Wells, EA, CPA
    • 5
    • 5
    • 5
    • 5
    • 5

    5

    3 ratings

    More shows like Tax in Action: Practical Strategies for Tax Pros

    View all
    The Accounting Podcast by Blake Oliver & David Leary

    The Accounting Podcast

    339 Listeners

    The Abundant Accountant: Leads, Sales & Business Growth for Accounting, Tax and Bookkeeping Professionals by Michelle Weinstein - The Pitch Queen, Sales Strategist

    The Abundant Accountant: Leads, Sales & Business Growth for Accounting, Tax and Bookkeeping Professionals

    85 Listeners

    The Unique CPA by Randy Crabtree, CPA

    The Unique CPA

    23 Listeners

    Tax Section Odyssey by AICPA & CIMA

    Tax Section Odyssey

    12 Listeners

    Earmark Podcast | Earn Free Accounting CPE by Blake Oliver, CPA

    Earmark Podcast | Earn Free Accounting CPE

    27 Listeners

    Oh My Fraud by Caleb Newquist

    Oh My Fraud

    131 Listeners

    Who's Really the BOSS? by Marcus Dillon, Rachel Dillon

    Who's Really the BOSS?

    11 Listeners

    Federal Tax Updates by Roger Harris, EA and Annie Schwab, CPA

    Federal Tax Updates

    29 Listeners

    Jason On Firms Podcast by Jason Staats

    Jason On Firms Podcast

    49 Listeners

    The Mr. R Show by Chris Picciurro and John Tripolsky

    The Mr. R Show

    0 Listeners

    UnAccountable! by UnAccountable

    UnAccountable!

    28 Listeners

    Unofficial QuickBooks Accountants Podcast by Alicia Katz Pollock, MAT

    Unofficial QuickBooks Accountants Podcast

    42 Listeners

    Diary of a Tax Practice Owner by Jamie Gruol & Jessica Smith

    Diary of a Tax Practice Owner

    7 Listeners

    The Enrolled Agent Advocate by National Association of Enrolled Agents

    The Enrolled Agent Advocate

    13 Listeners

    She Counts by Questian Telka, EA & Nancy McClelland, CPA

    She Counts

    10 Listeners