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.
Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.
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.