Category Archives: Filing Status
Major life changes—like becoming single—can significantly affect your taxes. If you experienced a divorce, legal separation, or the death of your spouse in 2024, expect your tax return and refund to be impacted. If you’re newly single, you probably filed taxes as either “married filing jointly” or “married filing separately” before. But now, things will […]
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Married Filing Separately (MFS)) does not regard two spouses as unmarried single taxpayers. Married couples filing separately are prohibited from claiming some tax benefits by law. They include the education credits for American Opportunity and Lifetime Learning, the childcare credit for children and dependents, and the student loan interest deduction. The amount of Social Security […]
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If your child lives in your household but makes significant income, whereby you can not claim him or her as a dependent, you can still file as a Qualified Widow(er). A qualified widow or widower status is for people who have recently lost a spouse and are at home supporting a child. If your spouse […]
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The right filing status can not only affect how much you owe, but also what credits you are eligible to receive. The filing status you choose can actually determine if you must file a tax return. For IRS purposes, anyone married on or before 31 December is deemed to be married for the whole tax […]
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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 […]
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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 […]
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If you’ve lost your spouse, you may qualify for a special tax filing status. The qualifying widow(er) status can be used by taxpayers when filing a tax return after their spouse has died. There are some additional requirements that must be met as follows: When you file a return for the year your spouse dies, […]
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If you opt to file your tax return using the head of household filing status, the tax rate income brackets expand. That means if you earn up to $50,800, you’ll still be able to remain in the 15% tax bracket, however you must have a dependent to claim HOH. Otherwise, you’d be considered a single […]
— Read moreTaxpayers 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 […]
— Read moreCouples 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 […]
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