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Many married couples automatically assume that filing jointly will result in the best possible tax benefits. Although this is true for some married couples, it is definitely not true for all of them. The reason why this is the case is because the tax code has a few key provisions that can actually cause married couples to pay more in taxes if they file jointly.
In this video, tax expert Karlton Dennis explains a number of the key downsides of filing jointly. He also explains why it can make sense for some married couples to file separately. If you choose the wrong filing status, then it can potentially cause you to miss out on substantial tax savings.
It is advantageous for people who are married to understand the key tax consequences of filing jointly. Only when they fully understand this decision can they choose the filing status that is best for them. If you are married and wondering what filing status is best for you, this video can be helpful for you to watch.
CHAPTERS:
0:00 Intro
0:16 Does the U.S. Tax Code Have a Marriage Penalty?
0:38 Top 5 Tax Code Provisions That Penalize Filing Jointly
0:43 #1: Top Income Tax Rate
2:03 #2: The Standard Deduction for Couples with Children
2:56 #3: The Net Investment Income Tax (NIIT)
4:12 #4: State and Local Tax (SALT) Deduction
5:09 #5: Capital Loss Limitations
6:06 Why Does Anybody File Jointly?
7:24 Subscriber Question!
8:26 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxplanning #marriedtaxes #taxstrategies
