How Do I Choose the Right Tax Filing Status?

Written by Yanna | Jan 19, 2024 4:19:59 PM

Taxes – the never-ending saga of adulting that most of us dread. As mentioned in a previous tax article, it's not the most exciting task to tackle. But alas, it's a necessary one.

If you're here, it's likely because you're grappling with determining your tax filing status, a decision that can significantly impact your tax liabilities. Whether you're single or hitched, your marital status on the last day of the tax year dictates your filing status for the entire year.

Let's take a fresh look at the various types of filing statuses and what to do if you are looking for professional help:

how do i know my filing status?

There are five different statuses you can file – “Single,” “Head of Household,” “Qualifying Widow(er),” “Married Filing Jointly,” or “Married Filing Separately,” – and different tax benefits and qualifications for each.

Psst... You'll notice the standard deduction increased by nearly 7% for 2023!

[faq1]

what IF I GOT MARRIED IN 2022?

If you just got married on or before December 31, 2023… congrats! There are a few things you should check off the list to ensure your paperwork and taxes are filed correctly.

Notify the IRS of any address changes. You can notify them by using Form 8822.

Tell your employer if you moved. This is important to make sure your W-2 is correct and is sent to the right address.

Report any name changes. If you took your spouse’s last name, there are a few more hoops to jump through. Since your Social Security number needs to match the name on your tax forms, make sure you tell the Social Security Administration as soon as your name changes by using the Form SS-5. The IRS will hold your tax refund until you resolve this issue.

[faq2]

do i get professional help?

I’m glad you asked! A quick Google search told me there are no less than 58,600,000 results when I searched “Help Filing Taxes + Charlotte, NC.” Well, that’s just plain daunting… There are obviously a lot of resources available and organizations that provide tax help, but generally, there are two standard routes to take:

[faq3]

do you know your filing status now?

Now that you know the different filing statuses, do you know which status to file under? The cool thing is when you file your taxes to the IRS, they have up-to-date technology to catch most mistakes or incorrect information made on a tax return. But if you make a mistake filing, you can amend it using Form 1040-X. Learn more about this form here>.

Want to know more about filing your 2023 taxes? Here's what you need to know

If you’re still having trouble trying to determine how you should file, check out this IRS interactive tool on how you should file (Psst... it should take about 5 minutes.) Taxes can be confusing that's why there are professionals who are willing and able to help. Contact a tax professional if you have any doubts or questions about your taxes.

And, if you're looking for a sweet Tax Software discount, check out Skyla's partnership with TurboTax and H&R Block!

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