Category Archives: Filing Status

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Filing Status

The Low Down on Filing Statuses

February 11, 2016

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. […]

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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 […]

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Getting a divorce can be difficult for all parties, including financially. Your assets are now up for grabs, not only by your soon to be ex, but also by the IRS. Divorce impacts your taxes a lot, so you should be aware of the expectations at tax time when you get a divorce. Filing Status […]

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Did you know the IRS allows a tax break for those taxpayers whose spouse has died in the last tax year? These taxpayers can file using qualifying widow(er) with qualifying child filing status. If you have lost your spouse this past tax year, here are some things you’ll need to know about this special filing […]

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