Category Archives: Filing Status

Married? File Jointly or Separately

Taxpayers who are married have two options for filing their tax returns: either jointly or separately. The IRS offers incentives in the form of different tax breaks to couples who file together. While it’s generally most advantageous for married couples to file a joint return, there are some situations where filing a separate return may […]

Separation and Divorce at Tax Time

Couples who are separated have decisions to make at tax time, which can affect the amount you get back in a refund, or how much you have to pay. You are able to make some of these decisions on your own, however there are a few that require both parties to be on the same […]

Taxpayers who pay their student loans using an IBR, ICR, or PAYE repayment plan should be extra careful when filing their tax returns. The tax filing status you chose can affect your repayment plan. Married taxpayers should determine whether filing a return with their spouse, using “married, filing jointly,” or keeping their income separate by […]

Married taxpayers have the choice of filing a single tax return with their spouse using the married filing jointly status, or keep their income separate and file married, filing separately. Most married couples opt to file jointly, though it’s important to evaluate the benefits of both statuses and make sure you use the status that […]

In some cases, yes. While most couples who are married file a return together, combining their income into a single amount to be taxed. Filing a joint return is generally simpler for couples, and most of the time will produce a lower tax bill than if the couples filed their returns separately. However, there are […]

Many taxpayers are unsure of the full scope of the Head of Household filing status when it comes time to file a tax return. Knowing about all the details of this status can benefit you greatly, because those who qualify to file Head of Household receive savings and tax benefits. Many single parents love this […]

Choosing the Right Tax Filing Status

When you file your tax return, ensuring you used the right filing status can make a big difference to your wallet. Depending on which status you use, you’ll be eligible for different credits and deductions, and how much of them you are entitled to. There are five filing statuses, and each one affects your tax […]

Marital Status Affects Your Tax Return

Knowing which filing status you should choose is the first step in completing your tax return. Your status can affect different areas of your return, including taxation rates, requirements for filing, different credits, and which standard deduction you are eligible for. Your filing status is dependent on whether you are married or not. If you […]

The Low Down on Filing Statuses

There are five different filing statuses which you can use when completing your tax return. Each status qualifies you for different deductions and credits, so choosing the correct one is extremely important. Single Taxpayers who are unmarried, or considered unmarried for the entirety of the tax year are eligible to file under the single status. […]

Using the status married, filing separately on a tax return is appropriate for couples who want to keep all of their financial records separate, including their income and expenses. However, if you chose to file separate tax returns, you may not miss out on important deductions and credits that are only available to married couples […]