A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all. There are five IRS filing statuses. They generally depend on the taxpayer’s…
Basically, when it comes to filing your personal tax return, there are five filing statuses you may choose from: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household and a qualifying widow(er) with dependent children. Filing incorrectly can cost you a bundle in tax dollars as well as…
If you’re married, you have the option to file one or two tax returns every year. While most people file together on one return due to the increased standard deduction, in some situations, it makes more sense to file two separate returns. When should I file separately? There are several situations where married filing separate…
Everybody loves tax exemptions. They reduce the amount of your taxable income, which affects the amount of taxes you pay. You can take a personal exemption for yourself, and you get an exemption for each of your dependents. In some cases, you might qualify as your boyfriend’s dependent. He might even be able to claim…
