Tag Archives: Filing Status

Figuring out the Filing Status

When your taxes are filed, you need to know what filing status you should use. There are differences between the five different options, and you will choose the one that best benefits you. Make tax time easier and faster by filing correctly. The Big Five The five different status are: single, married, separate married, householder […]

Filing Status

The status of your tax filing is one of the most important decisions you make at the time of taxation. In addition to the tax rates and the different amounts you can deduct, your filing status determines the benefits for which you are eligible. Your registration status depends on your marital status as of 31 […]

After getting divorced, you may notice a change in your taxes, along with everything else you are altering in your life. Tax time may mean a new filing status, as well as different eligibility for certain tax credits. If you have always filed using the Head of Household tax status, you may not be eligible […]

The Fabulous Five

Your marital status, as well as number of dependents are two of the biggest factors to determining which of the five filing statuses you should use to file your tax return. They are, in no particular order: Single Married, filing jointly Married, filing separately Head of household Qualifying widow(er) Married couples can choose whether they […]

Deductions decrease the amount of income you are taxed on, lowering your tax liability. At tax time, you can chose one of two methods to claim your deductions. You can either itemize or opt for the standard deduction. The standard deduction amount is calculated depending on factors such as filing status, taxpayer age, and income […]

Exemptions are a quick way to save money when you file your tax return. In addition to a personal exemption, taxpayers can take an exemption for each dependent they claim, known as the dependency exemption. There are a few requirements that parents must meet in order to claim an exemption for each dependent. The exemption […]

Unfortunately, every tax year 20% of Americans who are eligible for the Earned Income Credit don’t claim it, which can mean a loss of $2,400 for those taxpayers. It’s simple to determine your eligibility, so there’s no reason you shouldn’t claim the credit if you can. If you have qualifying children, the income threshold goes […]

When the time comes to file your tax return, it’s incredibly important to ensure you’ve filled out every section with the utmost accuracy. Otherwise, you risk a delay in processing and incorrect refunds. Before you click “submit” or drop your return in the mailbox, double check all sections for the most common tax filing mistakes […]

Choosing a Filing Status

When filing your taxes you have the choice of one of five filing status. Each filing status has a different requirement and certain deductions can only be claimed with some filing statuses, you need to inspect each one to decide which will work best for you. Single: If you can filing with this status if […]

Choosing the correct filing status can not only affect your tax liability but also any credit you may be entitled to at tax time. Some filing status may also determine if you even have to file taxes for the year. According to the IRS, anyone that married before December 31st of the tax year is […]