Married Filing Separately Traps to Avoid
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Just in time for tax season, I\\u2019m unraveling the complex tax strategy of married filing separately. You might have heard that it\\u2019s a game-changer, especially for folks with student loans. But it\\u2019s not at all straightforward. You\\u2019ll learn the dos and don\\u2019ts, and I\\u2019ll uncover tips to help you avoid costly mistakes and even find some savings along the way. We\\u2019ll talk about everything from how your and your spouse\\u2019s income can play a huge role to unexpected losses like tax credits and deductions. Also, if you\'re juggling things like adoption expenses, dependent care credits, or figuring out the best way to handle your retirement contributions, I\'ve got you covered. Student loan borrowers on an IDR plan, don\\u2019t miss the best tip: find out how delaying your tax filing just might be in your best interest. \\xa0
In today\\u2019s episode, you\'ll find out:
- Why married filing separately might lead to higher taxes, especially with uneven incomes
- How filing separately affects ACA subsidies and Medicare premiums
- The effect on tax credits and deductions, including those for dependent care and education
- Challenges with Roth IRA contributions when filing separately, including backdoor strategies
- Why filing separately is different in common law versus community property states
- How filing separately can interfere with small business deductions and credits
- Why delaying tax filing can save you money on income-driven student loan repayments
- Tax consequences for borrowers in loan forgiveness programs when filing separately
- The cost and benefits of professional tax services combined with financial planning
- How inaccurate income reporting can leave you vulnerable to audits and penalties
Links mentioned:\\xa0
Get profession-specific tax help with SLP Wealth
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