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JK Harris offers advice on choosing your correct filing status
NORTH CHARLESTON, S.C. – Millions of Americans are beginning the process of gathering documents to prepare their income tax returns, and officials at JK Harris and Company, LLC, say it’s important for taxpayers to think hard about choosing the correct filing status for their own personal situation.
“Choosing the correct filing status is more important than many people realize,” says Ralph Havens, an Enrolled Agent and the Director of Professional Services at JK Harris, the nation’s largest tax resoluti
on company. “Some people don’t fully consider the consequences of making the right decision regarding their filing status.”
According to Havens, filing under the correct status determines whether or not you must file a return, the standard deduction you are allowed to take and the amount of tax you will owe. There are five filing status options taxpayers should be aware of, according to the IRS.
- Single: Taxpayers that are unmarried, divorced or legally separated according to their state law may file as single.
- Married Filing Jointly: If you are married, you and your spouse may file a joint return. If your spouse died during the year and you did not remarry, you may file a joint return for the year of death.
- Married Filing Separately: Married taxpayers may elect to file separate returns.
- Head of Household: Generally, unmarried taxpayers maintaining a household for themselves and one other person.
- Qualifying Widow(er) with Dependent Child: If your spouse died during 2005 or 2006, you have a qualifying child and
- meet certain other conditions, you may choose this filing status.
“If you are uncertain about your filing status, your marital status on the last day of the year may determine your filing status for the entire year. It’s important to note, taxpayers are allowed to choose the filing status they are eligible for that gives them the lowest tax obligation,” says Havens.
More information on filing status is available in IRS publication 501, “Exemptions, Standard Deduction and Filing Information” available on the IRS website at www.irs.gov.