Here’s Why You Should Know Your Correct Filing Status

Here’s Why You Should Know Your Correct Filing Status

Tax accounting firms in Texas have emphasized the importance of knowing and understanding one’s filing status to ensure the smooth processing of their taxes.

Even if you’ve gotten help for your tax filing, it doesn’t hurt to learn about why you should learn your filing status. Here are a few more reasons why:

  • You know if you’re required to file a federal tax return
  • You know if you should file a return to receive a refund
  • It will affect your standard deduction amount
  • Certain credits depend on your filing status
  • It will affect how much you will pay

There are 5 types of filing statuses:

  1. Single – This is if you are unmarried, divorced, or legally separated under a divorce or separate maintenance decree that is governed by law.
  2. Married filing jointly – If you’re married, you can file a joint return with your spouse. If they pass away, you can still file a joint return for that year.
  3. Married filing separately – You can also file separate tax returns if you’re married. This will mean less tax owned.
  4. Head of household – There are special rules that apply if you are single and prefer to use this status
  5. Qualifying widow(er) with dependent child – If your spouse died one of the previous two years and they have a dependent child. There are conditions that also apply.

Need help in filing your taxes? KF Tax & Accounting, P.C. offers tax services in Round Rock, Texas for individuals and businesses, so they don’t have to rack their brains learning about the complexities of tax filing.

We also provide other accounting and bookkeeping services.

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