Please note the following tax due dates on your calendar, and come back often to keep up with the changes.
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Choosing the Correct Tax Filing Status
It is critically important to choose the proper filing status when you file your 2016 tax return because the filing status you select will directly impact how much you owe in taxes for the year. It could even determine if you have to file a tax return. Keep in mind that your marital status on December 31, 2016 is your status for the entire year of 2016, even if you got married on December 31st at 11:59pm! Sometimes more than one filing status may apply to you so you can pay less on student loans. If you are eldegable to file in more than one way, choose the status that allows you to pay the least amount of tax!
The easiest and most accurate way to file your tax return is to contact Brandt & Associates, an accounting firm known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. We are tax professionals who are able to choose the right filing status for you based on your circumstances. Here's a list of the five filing statuses.
Five Filing Statuses
1. Single - This status normally applies if you aren't married. It could also apply if you are divorced or legally separated under state law.
2. Married Filing Jointly - If you're married, you and your spouse can file a joint tax return. If your spouse died in 2016, you can often file a joint return for that year.
3. Married Filing Separately - A married couple can choose to file two separate tax returns. This may benefit you if it results in less tax owed or less student loan payments than if you file a joint tax return. You may want to prepare your taxes both ways before you choose. You can also use it if you want to be responsible only for your own tax.
4. Head of Household - In most cases, this status applies if you are not married, but there are some special rules. For example, you must have paid more than half the cost of keeping up a home for yourself and a qualifying person. Don't choose this status by mistake. Be sure to check all the rules.
* Tip - If you qualify to file as head of household, your tax rate usually will be lower than the rates for single or married filing separately. You will also receive a higher standard deduction than if you file as single or married filing separately.
5. Qualifying Widow(er) with Dependent Child - This status may apply to you if your spouse died during 2014 or 2015 and you have a dependent child. Other conditions also apply.
Don't hesitate to call us if you have any questions about filing your tax return this year. We'd love to assist