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Video instructions and help with filling out and completing innocent spouse relief form
Hello hello good morning give you a moment to get on and get my notes here my desk is a wreck right now which is totally uncool so after I get done with this I'm gonna have to get organized yeah that's just it okay so when you pop on let me know who you are and where you're from so I can shout you out and say hello and if you're watching this on my youtube channel thank you and make sure you subscribe so you don't miss anything and if you have some comments or questions make sure to leave them because I do respond to those so let us get down with the content for today so the the tax question I got was about married filing separately or injured spouse which one is better so I'm going to talk about that in just a moment and let me share this in one other place hello there little sister how are you your nephews birthday is tomorrow yeah Laughter okay so let's get down with the get-down all right so I got the task question about which is better to file which which filing strategy is better to file married filing separately or to file injured spouse so let me explain what an injured spouse is most people understand married filing separately well let me explain injured spouse injured spouse is as a type of form that you file and I completely forgot the form number but what it does is that it separates one spouse from another's liability so it could be an issue of owing for taxes child support student loans or anything like that if you have one spouse that has these liabilities you what the other spouse can do is file an spouse form in order for you to separate one person's tax liability from another so if you and and your spouse perhaps might have like okay so let's just say back child support payments okay so if one spouse owes child support payments instead of the liability being taken out against the the couple it's only taken out against that one spouse that owes that liability okay so then the question I got is well is it better to file married filing separately versus the injured spouse and the answer is no you with the injured spouse you file jointly and then you have the injured spouse form now the downside with the whole injured spouse thing is that it usually takes longer it can take anywhere eight to 12 weeks I've seen it take up to twelve weeks depending on when it was filed so this is not something that you're going to get get turned around immediately it just takes that long so but the difference is with married filing separately you lose out on tax credits that you would be able to take advantage of married filing jointly so I never ever ever ever ever recommend married.