Five Filing Status Possibilities

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.

There are two things to consider when determining your filing status:

First, your marital status on the last day of the year determines your filing status for the entire year. Secondly, if more than one filing status applies to you, choose the one that gives you the lowest tax obligation.

Here are the five filing status options:

1. Single. This will generally apply to anyone who is unmarried, divorced or legally separated according to your state law.

2. Married Filing Jointly. A married couple may file a joint return together. If your spouse died during the year, you may still file a joint return with that spouse for the year of death.

3. Married Filing Separately. A married couple may elect to file their returns separately.

4. Head of Household. This 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.

5. Qualifying Widow(er) with Dependent Child. You may be able to choose this filing status if your spouse died during 2006 or 2007, you have a dependent child and you meet certain other conditions.

There’s much more information about determining your filing status in Publication 501, Exemptions, Standard Deduction, and Filing Information. Publication 501 is available on the IRS

Web site at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Link — Publication 501, Exemptions, Standard Deduction, and Filing Information (PDF 196K)

December's Tax Talk Today Video - Filing Season 2008

Nov. 28, 2007 WASHINGTON — The 2008 filing season is right around the corner. December’s Tax Talk Today program, “Getting Ready for the Filing Season 2008: Part 1 (Individuals)”, on Tuesday, Dec. 11, 2007 at 2 p.m. will give tax professionals a head start and get preparers off on the right foot. This annual filing season program focuses on individual tax return issues, such as changes to forms, the latest tax law changes and IRS processing issues that affect individual taxpayers. Tax preparers also will get tips on how to avoid common errors that can cost them and their clients time and money.

Panelists will be Kathleen Collins, principal of her own Savannah, Georgia-based tax practice, and president of the Georgia Association of Enrolled Agents; William Stevenson, president of National Tax Consultants, Inc., a tax preparation and taxpayer representation firm for individuals and businesses; Pamela J. Walker, IRS deputy director for Submission Processing at Cincinnati and Carole Barnette, IRS acting chief for Individual Tax Forms and Publications.

Tax Talk Today is a Webcast aimed at educating tax and payroll professionals on the most current and complex tax issues. Tax professionals are encouraged to watch and submit questions.

To access the Webcast at no charge, viewers can register online at www.TaxTalkToday.tv. Tax professionals in need of continuing education credits (CECs) are eligible to receive one CEC by viewing the Dec. 11 Webcast.

Archived shows are available on the site also, including the November broadcast “What’s Hot in Employment Taxes: Independent Contractor or Employee?”

NOTE: The next show will air on Tuesday, Jan. 8, 2008: “Getting Ready for Filing Season 2008 - Part 2 (Business)”, 2 p.m. - 3 p.m.