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Breaking Down the ‘Penalties’ of Single Tax Filings

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Personal Finance, Taxes
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With the new tax filing deadline looming, I stopped into Black News Channel’s “BNC Live” to discuss the upsides of joint filings and the disadvantages of filing solo.

To kick off the segment, I detailed the built-in “penalties” that single individuals face in many aspects of life, including higher taxes, healthcare costs, and everyday expenses.  I shared that Black women are disproportionately affected because of pay disparities, lack of access to resources, and other community-specific challenges, and those impacts can linger long-term.

This led me to the perks of filing jointly with a partner or spouse.  Generally speaking, the U.S. tax code favors couples; filing “married jointly” offers larger deductions and more credits, leading to smaller tax bills.  For those who can take advantage, it’s certainly worth it.

It was a pleasure to bring this critical information directly to Black viewers.  Many thanks to BNC Live for having me.  

Tags: Black News Channelfiling taxes
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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

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