Tag Archives: filing status

Filing Statuses

There is a variety of status in which you can file your taxes and the difference between them can help you determine which status you should file. At tax time, you can make the process as easy and smooth as possible with all the help you can get. What are the tax ratings? You can […]

The Right Filing Status

The tax benefits and tax rates and deduction amounts available to you depend on the filing status you choose. Your status will be determined by your marital status at the end of the year and whether you have dependents or not. Married-Separate or Joint If you are married as of 31 December, you are considered […]

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 […]

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 […]

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. […]

At tax time, any different thresholds and credit eligibilities are dependent upon your specific relationship status. If you’re a newlywed, here’s what changes you should expect when you file your tax return. Filing Status Once you tie the knot before December 31st of the tax year, you file your taxes either jointly or separately as […]

How Children Can Affect Taxes

Are you a parent? It’s important to understand how support you provide to your children can alter your tax liability, and which types of support you can get credit for. Child Credit For each child under the age of 17 that you claim on your tax return, your taxable income is reduced by $1,000. The […]