How Marriage Will Affect Your Taxes

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  • čas přidán 11. 09. 2024

Komentáře • 71

  • @LYFEAccounting
    @LYFEAccounting  Před 2 lety +4

    Suggested Video to Watch Next: "Tax Advice for Every Income Level" - czcams.com/video/ktASb_nH0tM/video.html

  • @karlondasimmons391
    @karlondasimmons391 Před 2 lety +5

    Yes, I would definitely love to get more information on when to file married filing separate vs married filing jointly. Thanks for breaking this information down in the simplest form. You’re Awesome!!!

    • @InTheMindOfficial
      @InTheMindOfficial Před rokem

      From what I know, general rule of thumb, file separely. If you both earn the same amount and have no joint assets, but if you have joint assets, and/or one partner earns a much larger sum, file together

    • @InTheMindOfficial
      @InTheMindOfficial Před rokem

      Another thing to look at is that table, it might vary year to year, but if your combined income is right on the cusp, it might be viable to file together over separate, but that's legit counting pennies at that point

  • @unikkamccoy5785
    @unikkamccoy5785 Před 3 lety +11

    Yes please make that video. Much appreciated

  • @emmawiley7173
    @emmawiley7173 Před 3 lety +6

    No music PLEASE. ....Your videos are great and informative. Keep doing what you are doing! Thanks i share many of your videos.

    • @LYFEAccounting
      @LYFEAccounting  Před 3 lety

      Thank you for sharing! But this video didn't have music, right?

  • @getemboi2525
    @getemboi2525 Před 2 lety +2

    I'll like to hear and see a video on when someone should file seperately and jointly. Thanks. Great information.

  • @pinkmink10
    @pinkmink10 Před 2 lety +4

    Thank you ! You broke it down so well I'm about to switch over to married filing jointly.

  • @Kavehthekook
    @Kavehthekook Před 10 měsíci

    You might have done this already since this vid is 2 years old, but getting a better mic to get rid of the echo will make your vids even better. Love your vids

  • @unclebishoppeskitchen5838

    That answers my question. I was married in the tax season 2022 and was on the fence but now I'll file jointly.

  • @austinjabusch3831
    @austinjabusch3831 Před 2 lety +2

    Great video! I LOL’d when I watched the math thinking cut scene 😂

  • @willdanzeisen3844
    @willdanzeisen3844 Před rokem +1

    You explain yourself very well, and I think the joke about all the math is just grea...😂😂t

  • @mercerpickens
    @mercerpickens Před 2 lety +1

    Great content! Your presentation is clear, concise, and professional. A piece of constructive criticism: some sound treatment / audio compression would greatly improve the professional sound of your vocals.

    • @LYFEAccounting
      @LYFEAccounting  Před 2 lety +1

      Thanks for you the constructive feedback! I’m definitely going to try to step it up, I guess I should try new equipment?

    • @mercerpickens
      @mercerpickens Před 2 lety +1

      @@LYFEAccounting Your lapel mic is a great choice for what you're doing. The issue I'm hearing is "room sound," aka reverb. I'll send you a message with some ideas.

  • @dynjarren5454
    @dynjarren5454 Před rokem

    Legally married until Sept 2022 and my employer didn't note the change so I have been taxed less and I fear that hurt me pretty bad. Never have I filed and owed a cent until now.
    Its disgusting how a single person could end up owing when all year long they paid

  • @michaelmcgovern3434
    @michaelmcgovern3434 Před 10 měsíci

    Great job on this video, it was super clear and the examples were helpful. One small bit of feedback, the audio was slightly echo-y. Otherwise perfect video!

  • @Always_learning444
    @Always_learning444 Před 2 lety +2

    Thank you for the great information and break down! Do you have a video on single moms taxes vs married with a single mom taxes? Both parties are working.

  • @WGUTEE
    @WGUTEE Před 3 lety +2

    Yes, I need the video with married filing jointly

    • @LYFEAccounting
      @LYFEAccounting  Před 3 lety

      Hi Tiara, thank for watching and sharing. Since you requested that video, does that mean you are currently married?

  • @gigitruong9466
    @gigitruong9466 Před rokem

    I feel like the representation of the statistics on the end of divorce weren’t represented properly, it was stated that 55% of marriages end because of financial difficulties but it’s actually 55% of divorces that actually happen

  • @ashleighwilson9791
    @ashleighwilson9791 Před rokem

    Yes would love a video on when should file separate or not, my husband before married usually has to pay taxes, dunno if bc salary or what, don’t know much about, and I always get money and not have to pay government. File separately or jointly

  • @MT-us8hl
    @MT-us8hl Před rokem

    Thank you for the thorough explanation.

  • @blackmann5382
    @blackmann5382 Před 2 lety +1

    My newly wife receives disabilities checks. Do I claim separately or jointly? And how do I get more on my weekly checks?

  • @markpierre5967
    @markpierre5967 Před 2 lety

    Y’all doing a wonderful job👌🏿👍🏿

  • @ttfrhoncho6716
    @ttfrhoncho6716 Před 3 lety +1

    Interesting. Starting to wonder about this, as my S/O is a high earner, roughly 3 times what I make, and may put us jointly into the 35% bracket, and move her out of the 32%, and me out of the 22%, or 24% depending on how my sidehustle works out this year. LOL, "Usually a good thing" !!! Will look for the second video.

  • @wmmarquez
    @wmmarquez Před 2 lety +1

    My wife’s taxable income is 73k mine is 95k. Should we file jointly or separately? Whats your opinion thanks.

  • @arhini7918
    @arhini7918 Před 2 lety +1

    Great segment! I have a question: what if you remarry, claim the child when filing jointly, and are both are obligated to disclose if the husband and the (new) wife received child care tax credit, when only one has...Do you enter $1500 for the dad and $0 for the new wife? Please advise and Thanks!!

  • @chasingsavoryspaces6921

    Thank you for the content! Very helpful 👏🏽

  • @mona-lyssasaint-urbain3180

    Can you give information regarding filing separate consequences with social security advantages and disadvantages. Can the husband or wife can receive your taxes if you did not fill taxes together.

  • @lolitacoker9566
    @lolitacoker9566 Před 9 měsíci

    Amazing video, thank you so much for all of the information that finally became clear to me.
    I am wondering though what happens to my assets as a foreigner, who is married to an american citizen. Will the US govermnent be after my income or assets by default? Would appreciate a link if you have a video on this subject. Thank you!

  • @foodiebelin
    @foodiebelin Před rokem

    Thank you! What about those filing jointly with children?
    I want to make sure that all of the credits and bonuses are accounted for in the tax season thanks!

  • @cieloazul9833
    @cieloazul9833 Před 2 lety

    Yes pls... Would appreciate your upcoming video

  • @aidandonahue6783
    @aidandonahue6783 Před rokem

    Nice video !

  • @richgold5414
    @richgold5414 Před 3 lety

    That would be awesome if you made the video on when filing married separately!!!

    • @LYFEAccounting
      @LYFEAccounting  Před 3 lety

      Definitely!! Thanks for commenting

    • @richgold5414
      @richgold5414 Před 3 lety

      @@LYFEAccounting do y’all do mentoring? Say a guy is interested in doing bookkeeping but with tax planning….

    • @LYFEAccounting
      @LYFEAccounting  Před 3 lety +1

      @@richgold5414 we are developing a group mentoring program now. stay locked in!

  • @MakeItCount-wk7xj
    @MakeItCount-wk7xj Před rokem

    In CA ? One makes 175k files married & 4 dependents on W2, the wife makes 45k claims 0, should they file jointly or married but separately?

  • @RooseveltFSmith
    @RooseveltFSmith Před 3 lety

    Very informative video! Please do the part 2.

  • @mannythephysio
    @mannythephysio Před 2 lety

    Have a video on prenup benefits and disadvantages?

  • @crakkfuentes74
    @crakkfuentes74 Před 8 měsíci

    What if i owe the irs for an audit that was done on a year before I was married? Now that we file jointly will the penalize my spouse or take the owed amount from our upcoming refund?

  • @keilnealquan
    @keilnealquan Před 10 měsíci

    Let me know if I'm understanding this correctly if I earn more than my wife and we filled jointly, she's going to be taxed at the same percentage as I am?

  • @patriceq
    @patriceq Před 3 lety

    Yes. Please. Also is it possible to revert to Married, Filing Separate once you’ve filed jointly?

    • @LYFEAccounting
      @LYFEAccounting  Před 3 lety +2

      Noted! & Yes, you can do that pretty much anytime.

    • @patriceq
      @patriceq Před 3 lety

      @@LYFEAccounting thank you!

  • @tonygareth221
    @tonygareth221 Před 2 lety +1

    I make a little over $30k and my lady makes about $12k (small town easy life) and we are supposed to get married so what should I do? We may get married before end of the year. Will it benefit me financially? How should we file if we do get married before the end of year

    • @AS-be4kp
      @AS-be4kp Před 3 měsíci

      Probably shouldn't be married and having kids if you can't do math

  • @lindsayandrews6087
    @lindsayandrews6087 Před rokem

    What if my husband is 100% disabled veteran and he is tax exempt?

  • @kathrynmaloney2333
    @kathrynmaloney2333 Před rokem

    He is great ☺️

  • @Mephistopheles_Baphomet_TruGod

    What if you the only income?

  • @jennifermcafee9494
    @jennifermcafee9494 Před 2 lety

    my fiance does not do taxes is that going to hurt me when we get married?

  • @bhamaumbas0
    @bhamaumbas0 Před 3 lety +2

    I have a tip, i think the vid would be better if there is a backsound/backmusic like jazz, etc

  • @InTheMindOfficial
    @InTheMindOfficial Před rokem

    Long story short, and entire video summarized: only file together if one partner earns a lot more than the other, otherwise, theres no point

  • @africanclothingsandmore.1674

    Hey! Sean, do you have a number I can call? Need some tax advice. Thanks

  • @yuseong__2562
    @yuseong__2562 Před 2 lety

    I hope you read this !
    I'm in a complex tax situation, I am a waitress and this tax return I owe a little over $3k because supposedly of my dependents & not enough taxes was taken out throughout 2021, anyways long story short. Can I file my taxes separately from my husband and use a possible return to pay my spouse's tax liability? Once I added my spouse's w2 information, I ended up owing instead of receiving.

    • @kathrynmaloney2333
      @kathrynmaloney2333 Před rokem

      If you find jointly he should be withholding more for federal and state so you both won't owe

  • @awaremaji339
    @awaremaji339 Před 3 lety +1

    Yes please do the when you should file separately I’m looking at 75 and 94. SMH

    • @LYFEAccounting
      @LYFEAccounting  Před 3 lety

      What does the 75 and 94 represent? Is that income?

  • @aubreywebbie6505
    @aubreywebbie6505 Před rokem

    Invest in a better microphone

  • @marissagmz
    @marissagmz Před rokem

    This doesn’t make Sense…
    So if your single then you get 12,500 and if you married you get 25k but if each of you filed single you’d get that total of 25 k deduction anyway because each person gets 12,500 deduction anyway… Bias video so far

    • @CT-jm2ye
      @CT-jm2ye Před 6 měsíci

      I was thinking the same thing.