Has anyone here actually filed separately and found it beneficial? My accountant keeps insisting joint is always better but I'm not convinced.

For your income levels ($160K and $155K), filing jointly is most likely going to be your best bet. With similar incomes, you won't hit the marriage penalty that affects couples where one spouse earns significantly more than the other. The math usually works out like this: joint filing gives you a higher standard deduction ($27,700 for 2023 vs $13,850 each filing separately), and you'll benefit from the more favorable tax brackets. Without kids or significant itemized deductions, you're looking at probably $2,000-4,000 in tax savings by filing jointly. The main exceptions where separate might be better: - If either of you has federal student loans on income-driven repayment (could lower monthly payments) - Significant medical expenses over 7.5% of your individual income - One spouse has tax debt/issues you don't want to be liable for Since you just got married in September, this is also a good time to update your W-4s with your employers to adjust withholding for next year based on your new filing status. Congrats on the marriage, and welcome to the world of joint tax planning!

Has anyone used a land contract instead of a mortgage? I've heard they're simpler but not sure about the tax differences.

This is a great discussion on installment sales! One thing I haven't seen mentioned yet is the potential impact of the Net Investment Income Tax (NIIT) if your modified adjusted gross income exceeds certain thresholds ($200k for single filers, $250k for married filing jointly). The 3.8% NIIT can apply to both the capital gains portion and interest income from your installment sale, which could significantly affect your overall tax liability. This is especially important to consider if the installment payments push you over the NIIT threshold in years when you might not have crossed it otherwise. Also, don't forget about state tax implications - some states treat installment sales differently than federal rules, so you'll want to check your state's specific requirements. The tax deferral benefit can vary significantly depending on where you live.

I went through a very similar situation last year and wanted to share what worked for me. I was also filing jointly for the first time after my spouse's status change, which put us over the Form 8938 threshold unexpectedly. Like you, I had always been compliant with FBAR requirements but was completely unaware of the additional Form 8938 obligation. The most important thing is that you've already reported all the income from those foreign accounts on your tax return - this puts you in a much better position regarding penalties. The IRS is generally more concerned about unreported income than missing information forms when the income has already been disclosed. When I filed my late Form 8938, I included a brief cover letter explaining that this was my first year above the reporting threshold due to joint filing status, that all foreign income had been properly reported on the return, and that I was filing the form promptly upon discovering the requirement. I emphasized my history of compliance with other international reporting obligations like FBAR. The form was accepted without any penalties or follow-up questions. Since you're planning to file within the next week, you're acting promptly, which demonstrates good faith compliance. The reasonable cause exception typically applies in situations like yours where there's a legitimate first-time filing scenario and you're taking corrective action quickly. Don't let the anxiety overwhelm you - based on your description, you're handling this exactly the right way!

I'm dealing with a very similar FATCA situation right now and this thread has been incredibly helpful! Like several others here, I'm filing jointly for the first time after my spouse's green card approval, which pushed us over the Form 8938 threshold unexpectedly. What's giving me some comfort is reading about everyone's experiences with the reasonable cause exception. I've also always been compliant with FBAR requirements and reported all foreign income correctly - it's just this additional form I missed. The consensus seems to be that the IRS is much more understanding when you're proactive about correcting the oversight and when all income was already properly reported. For those asking about mailing addresses, I called the IRS practitioner priority line (after a very long hold!) and confirmed that you should mail standalone Form 8938 submissions to the same processing center where you filed your original return. Include your SSN prominently on the cover letter and reference your already-filed return. One tip I learned from my tax preparer: if you're still within a reasonable timeframe of discovering the requirement (within a few months), emphasize in your reasonable cause letter that you acted "promptly upon discovery" rather than focusing on how late you are from the original deadline. The IRS seems to give more weight to your response time after becoming aware of the obligation. Thanks to everyone who shared their experiences - it's made this stressful situation much more manageable!

This is a really common source of confusion, and I think you're caught between two different schools of thought rather than right vs. wrong advice. Your original arrangement is legitimate, but let me add some clarity on what might be driving your new accountant's concerns. The self-rental arrangement you described is perfectly legal when done properly. You're right that if you rented from a third party, they wouldn't pay self-employment tax on that rental income either. The key requirements are: 1) formal written lease agreement, 2) fair market rent (get comparable property analysis), 3) consistent rent payments, and 4) proper separate accounting. However, your new accountant might be concerned about audit risk. The IRS does scrutinize related-party transactions more closely, especially with single-member LLCs. They want to ensure it's a legitimate business arrangement, not just tax manipulation. My suggestion: Ask your new accountant to be specific about their concerns. Are they worried about documentation gaps, audit risk, or do they fundamentally disagree with self-rental arrangements? If it's just about being conservative, you can decide whether the tax benefits outweigh the perceived risk. If they've identified actual compliance issues, those need to be addressed. Also consider getting a third opinion from a tax attorney or CPA who specializes in small business structures to break the tie between your two accountants.

I've been following this discussion and wanted to add something that might help clarify the situation. The confusion between your two accountants likely stems from different risk tolerance levels rather than one being definitively right or wrong. Your self-rental arrangement is indeed legitimate - it's called a "related party lease" and is specifically addressed in IRS regulations. The rental income goes on Schedule E (not subject to SE tax), while your LLC gets a business deduction for rent expense. This is standard practice for many small business owners. However, there are some nuances that might explain your new accountant's concerns: 1. **Documentation requirements are strict** - You need a formal lease with market-rate rent, consistent payments, and separate record-keeping 2. **Single-member LLC considerations** - If your LLC is disregarded for tax purposes, the IRS may scrutinize whether this creates any real economic substance 3. **Passive activity rules** - Depending on your level of participation, there could be limitations on deducting rental losses The key question to ask your new accountant: Are they concerned about the arrangement itself, or about how it's been implemented and documented? If it's the latter, those issues can usually be fixed. If they philosophically oppose self-rental arrangements, you might want that third opinion others have suggested. Your original accountant's advice wasn't wrong - they were likely optimizing for tax efficiency while staying within legal bounds.

6 Has anyone successfully filed an ERTC claim using the regular mail? Or is e-filing the only realistic option with this tight deadline? My tax software doesn't support the amended returns needed for ERTC and I'm freaking out a bit.

This deadline change is absolutely brutal for small firms like ours. I've been in practice for 15 years and I've never seen the IRS make such a dramatic deadline shift with so little notice. What's really frustrating is that many of my clients who legitimately qualify for ERTC are now going to miss out entirely because they don't have their documentation ready. The irony is that the IRS created this mess by not processing claims efficiently in the first place, and now they're punishing everyone - legitimate claimants included - to solve their fraud problem. I'm wondering if any professional organizations like AICPA are pushing back on this or if we're all just supposed to accept that tax season now starts in January. Has anyone heard of any advocacy efforts to at least get a brief extension for claims already in preparation?