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“Early in the tax season I field many questions on
filing status. Everyone who files a federal tax return must
determine which filing status applies to them. It’s important you
choose your correct filing status as it determines your standard
deduction, the amount of tax you owe and ultimately, any refund owed
to you.
Here are eight facts about the five filing status
options the IRS wants you to know in order to choose the correct
filing status for your situation.
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Your marital status on the last day of the year
determines your marital status for the entire year.
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If more than one filing status applies to you,
choose the one that gives you the lowest tax obligation.
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Single filing status generally applies to anyone
who is unmarried, divorced or legally separated according to
state law.
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A married couple may file a joint return
together. The couple’s filing status would be Married Filing
Jointly.
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If your spouse died during the year and you did
not remarry during 2009, you may still file a joint return with
that spouse for the year of death, provided the joint return
election is not revoked by a personal representative for the
deceased spouse.
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A married couple may elect to file their returns
separately. Each person’s filing status would generally be
Married Filing Separately.
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Head of Household generally applies to taxpayers
who are unmarried. You must also have paid more than half the
cost of maintaining a home for you and a qualifying person to
qualify for this filing status.
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You may be able to choose Qualifying Widow(er)
with Dependent Child as your filing status if your spouse died
during 2007 or 2008, you have a dependent child and you meet
certain other conditions.
We are here to walk you through these options
particularly if you have had a change in status this year. Give us a
call.”
Michael T. McCormick, JD, LL.M.
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