What Filing Status am I?
Why is it important?
Your filing status determines how much of a standard deduction you can claim, as well as the amount of tax you pay. For example, for the current tax year, a single person receives a standard deduction of $14,600. If he or she qualifies as Head of Household, they receive a standard deduction of $21,900. The federal tax tables are also lower for HoH. To claim HoH status, you must provide me proof that your child lived with you for more than six months and that you paid for more than half the cost of a home for your dependent child for the tax year.
What filing status am I?
You are:
SINGLE status if you are unmarried at the end of the tax year and you do not qualify for Head of Household status with a qualifying dependent. (See Head of Household)
MARRIED FILING JOINT or MARRIED FILING SEPARATE if you were legally married on the last day of the tax year. It is usually advantageous to file jointly. Some tax credits are disallowed for filing separately. If you do not want to file jointly, you don't have to, but both of you may pay more tax as a result. If you do not want to be responsible for what your spouse declares on his or her tax return, then file separately. In some situations there is a tax savings by filing separately if you paid for a large amount of medical expenses. I can figure which is best for you if you would like. You will also need to pay for the preparation of two returns if you choose to file separately.
HEAD OF HOUSEHOLD if you were not legally married at the end of the tax year or lived in a separate home away from your spouse for at least the last six months of the tax year and provided more than one-half the cost of keeping up a home for the dependent. The child or relative must live with you in your principle residence unless he or she is a parent. You must prove to me that you have provided more than half the cost of keeping up a home for the year as I must certify to the IRS that you qualify. You must bring items with your name as the payor such as rent receipts, mortgage statements, real estate tax statements, other receipts such as food eaten in the home, etc. Clothing, education, and transportation do not qualify.
SURVIVING SPOUSE WITH DEPENDENT CHILD if your spouse died in one of the two years preceding the current tax year and you have a child you qualify to claim as a dependent. This rate is the same as Married filing joint so you would pay less tax than Single or Head of Household status.