Filing Status for Taxes

As tax season approaches, it’s important to make sure your tax filing status is correct and up to date. This is especially important because your filing status can affect the following:

• Whether or not to file a federal tax return
• Whether or not you receive a tax refund
• Whether or not you can claim certain credits
• Your deduction amount
• The amount you are required to pay

There are five IRS filing statuses which generally depend on the taxpayer’s marital status as of December 31st of any given year.

• Single: This is for taxpayers who are unmarried, divorced, or legally separated.
• Married filing jointly: Married taxpayers can file a joint tax return with their spouse.
• Married filing separately: Married taxpayers can also choose to file separate tax returns from their spouse.
• Head of household: This filing status is usually for unmarried people who paid more than half the cost to keep up a home and provided most of the support for themselves and one other person for more than half the year.
• Qualifying widow(er) with dependent child: If the taxpayer’s spouse died during one of the previous two years and they have a dependent child, the taxpayer can choose this tax filing status.

Certain conditions may apply to each tax filing status so it’s best to consult with your accountant before making any updates. JTS Associates CPAs is always here to help. Contact us at (516) 877-5900.