New York, NY -- (SBWIRE) -- Tax rates and the standard deduction amount that someone can take, are
both based primarily upon the tax filing status that he/she chooses.
Someone’s filing status depends upon his/her marital status on the last
day of the tax year, as well as whether or not he/she has a qualifying
dependent (for Head of Household status).
Married, Filing Jointly or Married, Filing Separately
Even if someone was unmarried for the majority of the tax year, if
he/she became married on or before December 31, he/she is considered
married for tax purposes. In certain special situations, married persons
who live separately from their spouses and have a qualifying dependent may be able to claim Head of Household status.
Married couples may file one tax return together (Married, Filing Jointly),
or may each file their own (Married, Filing Separately). If someone
files jointly, both his/her income and his/her spouse’s income – and
both of his/her deductions – are combined.
“In most cases, MFJ status will save you more money on your return than
filing separately.” said ExpressTaxRefund.com spokesperson Michele
Tyson. “If you are separated or in the process of a divorce, or need to
keep your finances (and tax liabilities) separate for legal reasons,
you may want to consider MFS status instead.”
Single and Head of Household
If someone was legally not married on the last day of the tax year,
his/her status is usually Single. If someone is single, but claiming a
dependent, he/she may use Head of Household status, which is usually
beneficial. Head of Household status allows a higher standard deduction
and lower tax rates than Single status.
Qualifying Widow/Widower
If someone is unmarried on the last day of the year due to the death of
his/her spouse earlier in the tax year, he/she may file Married, Filing
Jointly or Married, Filing Separately. If someone is unmarried due to
the death of his/her spouse within the two years before this tax year,
he/she may file as a Qualifying Widow or Widower, allowing him/her to
use the same standard deduction and tax rates he/she would if he/she was still married and filing jointly.
About ExpressTaxRefund.com
ExpressTaxRefund.com was founded in 2002 with the goal of helping people
prepare and file their taxes quickly, easily and affordably. Since
then, ExpressTaxRefund.com has grown to become one of the most popular
online tax preparation services. For more information about
ExpressTaxRefund.com, visit http://www.expresstaxrefund.com.
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