It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return.
Are you single, married or the head of your household? There are five filing statuses on a federal tax return. The most common are “Single,” “Married Filing Jointly” and “Head of Household.” The Head of Household status may be the one most often claimed in error.
The IRS offers these seven facts to help you choose the best filing status for you.
- Marital Status. Your marital status on the last day of the year is your marital status for the entire year.
- If You Have a Choice. If more than one filing status fits you, choose the one that allows you to pay the lowest taxes.
- Single Filing Status. Single filing status generally applies if you are not married, divorced or legally separated according to state law.
- Married Filing Jointly. A married couple may file a return together using the Married Filing Jointly status. If your spouse died during 2012, you usually may still file a joint return for that year.
- Married Filing Separately. If a married couple decides to file their returns separately, each person’s filing status would generally be Married Filing Separately.
- Head of Household. The Head of Household status generally applies if you are not married and have paid more than half the cost of maintaining a home for yourself and a qualifying person.
At Lefstein-Suchoff CPA & Associates, LLC where for over fifteen years, we have been providing our clients with valuable professional advice, along with personalized and responsive service. We offer a full range of accounting, tax, incorporation, strategic tax planning, bookkeeping and IRS resolutions designed to meet the needs for yourself or your business. Please feel free to contact our office for assistance with this or any other tax issue at 201-947-8081 or 646-688-2807, or email us at firstname.lastname@example.org.