Category Archives: Filing Status
Once you get divorced, your taxes will change dramatically, as well as which status you use and the credits you are eligible for. If you are used to filing Head of Household status, a divorce can alter your eligibility to use that status to file at tax time. Head of Household status generally has a […]
— Read moreIf you are a single parent you know you can face some only one of its kind situations in life, this can include things that come up at tax time as well. Before you file your taxes, you should check out these federal tax considerations: Head of Household – If you were single on the […]
— Read moreMarried couples who file a joint tax return are typically subject to the best tax rates, as well as those who are eligible to file under the qualifying widow(er) status using the same rates as married couples. Those who file separately from their spouse under a married filing separately status receive the highest tax rates, […]
— Read moreIf you aren’t married by December 31st and you were responsible for the upkeep of a household for a child, parent or other relative, you may be eligible to file your tax return using the head of household status. You do have to be a citizen or resident of the United States for the entire […]
— Read moreThere are two qualifying factors to determining eligibility for head of household, and you must meet both in order to file using the status. Both factors have a specific set of rules that help you determine if you meet the requirements. Marital Status: You have to be unmarried, or consider unmarried for the purposes of […]
— Read moreMarried couples may find it easier to file one single joint tax return, especially if one spouse is responsible for a majority of the couple’s income. In cases where both spouses earn income, the option to file separately may be more beneficial in regards to providing a lower tax liability. However, couples should always figure […]
— Read moreFor tax purposes, marital status is decided by your legal position on December 31st. Couples who have divorced or legally separated are considered “unmarried individuals” for the entire year, regardless of when the decree went into effect, as long as neither has remarried before the last day of December. Divorced or separated individuals who file […]
— Read moreIf you qualify to file your tax return using the head of household status, you may find some benefit to doing so. Generally, head of household status has a lower tax rate ad a higher standard deduction for filers than either single or married filing separately. There are five different filing statuses that you can […]
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