Helpful Tidbits For Picking Your Filing Status
Each year, people find themselves overwhelmed and confused by the complicated legal jargon printed on varying tax forms. Before an individual can begin subtracting this line from that one, adding dependents, or completing different time-consuming and tedious tasks, they must first figure out which filing status is right for them. Sometimes, all a person has to do is check the little box next to single or married, and in a jiffy, they are finished. However, on other occasions, taxpayers may find themselves qualifying for multiple statuses and unsure of which selection to pick.
Consider These Things When Determining Filing Status
A person may adversely impact their return if they fail to utilize the correct filing status. It is a factor that helps determine the individual’s standard deduction amount, tax rate, and even whether they need to complete a Federal return or not. The five available choices include…
• Married Filing Jointly
• Head Of Household
• Married Filing Separately
• Qualifying Widow Or Widower With Dependent Child
It is typically in an individual’s best interest to pick the status that allows them to pay the lowest tax amount when they fit into more than one category. With so many options and complicated stipulations, it is easy to see how folks get so baffled. Out of all the alternatives, Head Of Household is the title most commonly claimed in error. So, before taking it as your selection, keep in mind that HOH usually applies when a person is not married. Plus, the individual must have paid for at least half of the costs of maintaining their home for themselves and another qualifying party.
Put A Proven Commodity On Your Side
Don’t fret when tax season rolls around. Instead, hire Sherbetjian Premium Tax Services to prepare your business or individual returns. Additionally, we even offer audit representation for when those unpleasant IRS or State Authority notices come in the mail. With over 25-years of experience, the team knows the ins and outs of tax preparation. Our family owned company is prepared to handle small or large tax needs, and each representative will exceed your expectations with knowledgeable, professional, and friendly service. Considering that so much is on the line and stiff penalties can become your reality, don’t leave anything to chance. Rather, schedule an appointment today, and come find out what sets our organization apart from the rest.
Give us a call at (805) 230-0085.