Choosing the correct filing status is essential for your income tax return. It determines your filing requirements, tax rates, and standard deductions. Here are the five filing statuses allowed by law:

Single (S):
You can file as single if you are unmarried or legally separated by the last day of the year.

Married Filing Jointly (MFJ):
Married couples who agree to file jointly can use this status. It often provides the best tax advantages.

Married Filing Separately (MFS):
Couples who want to file separately can use this status, though it usually results in higher taxes.

Head of Household (HOH):
Available for single taxpayers who paid more than half the cost of maintaining a home for a qualifying dependent.

Qualifying Widow(er) with Dependent Child (QW):
If you have lost a spouse, you may qualify for this status for up to two years if you have a dependent child.

Dependents significantly impact your tax return and may qualify you for deductions or credits. Dependents fall into two categories:

Qualifying Child:
Must be your child, stepchild, foster child, or a relative under age 19 (or 24 if a full-time student).

Qualifying Relative:
Can be a parent, sibling, or other relatives who rely on you for financial support and meet specific income requirements.

If you’re self-employed, a contractor, or have income that isn’t subject to automatic withholding (like rental or investment income), you may need to make estimated tax payments. These are typically due quarterly—on April 15, June 15, September 15, and January 15 of the following year.
Failure to make these payments on time can result in penalties. If you’re unsure, our team can help you calculate your estimated tax payments. [Contact Us] for assistance.
Qualifying Child:
Must be your child, stepchild, foster child, or a relative under age 19 (or 24 if a full-time student).

Qualifying Relative:
Can be a parent, sibling, or other relatives who rely on you for financial support and meet specific income requirements.

Deductions and credits can significantly reduce your tax liability, but eligibility depends on factors like income, filing status, and specific expenses. Common tax deductions include home office expenses, medical costs, and student loan interest. Tax credits might include the child tax credit or earned income tax credit.
We recommend reviewing your finances with one of our experts to ensure you’re taking advantage of every deduction and credit available to you.

If you miss the tax filing deadline, file as soon as possible to avoid further penalties. You can file for an extension, but be aware that any taxes owed are still due by the filing deadline, regardless of the extension. If you need help navigating this, we’re here to assist you.

Life events like marriage, divorce, childbirth, or the death of a spouse can affect your filing status, deductions, and credits. For instance:

Marriage or divorce impacts your filing status.

Having children makes you eligible for credits such as the Child Tax Credit.

Losing a spouse allows you to file as a Qualifying Widow(er) if you meet specific conditions.Toggle Content