alvinspick.com alvinspick.com
Index >> About Us >> Add Url >> Privacy >> ToS >> Add Article
Search:   
Get Free Links
 

Automobile & Automotive

Technology & Science

Computers & Networking

Self Healing

Online & Indoor Games

Music & Entertainment

Estate & Realty

Teens & Kids

Online Shopping

Adventure & Sports

Policies & Law

Employment & Careers

Tour & Travel

Society & Communities

Home Family & Garden

Finance & Banking

Business & Services

Food & Recipe

Health & Therapy

Education & Learning

Art & Culture

News & Events

Healthcare & Medicine

Fashion & Relationships

 

Index › Finance & Banking › Taxation Law Information
 

Determining Your Tax Status

 
Author: Ken Snowie
 

Knowing how to determine your tax status, and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under.

There are five classifications from which you choose to file: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. If for some reason, more than one status applies to you, you should choose the status that gives you the greatest tax benefit.

Determining your status as a single filer seems simple enough, but there are different situations that exist that can qualify the taxpayer as single. For example, if you are legally separated even in the last month of the year, you are considered single for the entire year. With no dependents and you are unmarried, you are considered single. Divorce and annulment within the year also qualifies you to file as single.

However, even if you are single, but you have a dependent, or were widowed during the tax year, and you have dependents, your filing status would change to head of household or widowed with qualifying dependent child, not single.

When it comes to determining your status as a married taxpayer, there are simple qualification assessments that establish your legal filing status and if you're considered married. Obviously, if you are legally married and living together as husband and wife, even for a small part of the tax year, then you would be considered married. If you are living together as common law spouses, and it is legally recognized in the state in which you live, or you lived part of the tax year in the state where the common law marriage began, then your filing status is married. Your filing status is still married even if you are married but not living together, but are not legally separated or divorced.

If you have unique circumstances, it might not be so easy to determine your filing status. If, for example, you were widowed during the tax year and did not remarry, you can file as married with your deceased spouse, and then file as widowed with qualified dependents for the next two years, so long as you do not remarry. If you remarry within the tax year that your spouse passed away, you would file as married with your current spouse, and file with your deceased spouse as married filing separately.

If you are married and want to file a joint return, your tax status is married filing jointly. All income to the household must be included on the one return, and both spouses must sign and date prior to submitting the tax return. All exemptions, deductions, and credits are reported on the joint return, and you share equal responsibility and liability for the information reported on the tax return, as well as any tax money owed. There are ways to ask for release from joint responsibility, either through innocent spouse relief, separation of liability for spouses who have not lived together for the past year, or equitable relief.

There are sometimes reasons that a spouse cannot sign a joint tax return, such as a spouse stationed abroad for the military. In this type of situation, you may sign for your spouse as a proxy, and attach a written explanation.

Choosing your filing status, while lengthy and sometimes complicated, is an important in the process of completing your Federal Income Tax return.

 
 
 

Related Articles

 
Protecting Your Expatriate Family
 
Avoiding Credit Card Wipe-outs: How To Succeed With Rate Surfing
 
Forex Case Study: The Canadian Dollar
 
Tenants Can Avail Loans with Unsecured Loans for Tenants
 
Don??t Be Chained To Debt Any Longer
 
First Time Home Buyers: Mortgages
 
FOREX Day Trading ? Do it and Lose Your Money Quickly!
 
How To Be A Winner
 
The Powershares ETF Edge
 
Consolidate Debt Into A Single Payment
 
 
 
Index >> Privacy >> ToS  
Copyright © www.alvinspick.com - All Rights Reserved Worldwide.