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How to Decide on Married Filing Jointly vs. Separate
Typically, when a married couple goes to their CPA, accountant, or hired tax preparer to do their tax returns, those returns will be prepared as Married Filing Joint. But there are many situations where choosing this default option could be the worst thing you do by putting your spouse on the line for your tax liability. From saddling your spouse with a large tax balance in the event of your death or divorce, to preventing your children from getting financial aid for college, the best option for taking care of your family may be choosing Married Filing Separate.
At Lothamer Tax Resolution, we’re passionate people who are in this business because we care. We want to see all our clients regain control of their financial health so they can move forward with the things in life that really matter. Our CPAs, tax attorneys, and Enrolled Agents will determine the best filing status for your situation to create the optimal Roadmap to Resolution.
Lothamer Tax Resolution is here to help you protect your family’s financial future. Call us now for same-day tax help!
How We’ve Helped Couples Optimize their Tax Filing
Generally speaking, if you and your spouse cannot fully pay the balances due at the time of filing, we should explore Married Filing Separate status. After all, this type of return can be amended to Married Filing Joint later if need be (within certain time limits), but a Married Filing Joint return can never be amended to Separate, unless your marriage is annulled. We evaluate each situation on a case-by-case basis, taking into account your full IRS transcripts, current financial status, and your tax resolution goals. Married Filing Separate has the potential of allowing one spouse to protect his or her income, assets, and credit score. Furthermore, settling a tax debt for one spouse limits the exposure to that one spouse’s assets and income, not both spouses’ assets and income.
Nothing but great things to say about the professionals at Lothamer Tax Resolution. Truly a top notch experience. I felt that they had the experience needed to handle my case which allowed me some much needed peace of mind.
In one phone call my stress about the situation went from 100 to 0. These people know what they are doing, they take the time to explain it to you in a way you’ll understand, and they are kind and compassionate while doing so. Nobody wants to deal with tax issues but when you need to these are the people to call. Don’t waste your time with anyone else.
We are so grateful for all their help. From the Secretary to the Lawyers everyone is so invested in helping you from beginning to the end of your case.Thank you so much.