Choosing the correct filing status on your income tax return is very important. It can affect how much you owe for the year and even whether or not you need to file a tax return. Here is a list of the five filing statuses:
1. Single: This normally applies if you aren’t married. It applies if you are divorced or legally separated under state law.
2. Married Filing Jointly: If you’re married, you or your spouse can file a joint tax return. If your spouse died in the tax year, you can often file a joint return for that year.
3. Married Filing Separately: A married couple can choose to file two separate tax returns. This may benefit you if it results in less tax owed than if you file a joint return. Your tax accountant (AKA: Gold Standard Tax & Accounting) can let you know if this would be of benefit.
4. Head of Household: In most cases, this status applies if you are not married, but there are some special rules. For example, you must have paid more than half the cost of keeping up a home for yourself and a qualifying person. Make sure to check with your tax accountant (AKA: Gold Standard Tax & Accounting) to ensure that you actually qualify for this status.
5. Qualifying Widow(er) with Dependent Child: This status may apply to you if your spouse died during 2013 or 2014 and you have a dependent child. Other conditions apply. Check with your tax accountant (AKA: Gold Standard Tax & Accounting)
