What's My Tax Filing Status?
One of the first decisions you'll have to make when doing your taxes is what filing status to choose. It might sound simple, but it's easy to get tripped up. Are you considered a head of household if you're the only person in your household? Is it smarter for you and your spouse to file taxes jointly or separately? And who qualifies for qualifying widow(er) status?
It pays to understand the distinctions between the various filing statuses because the status you choose affects your standard deduction and your tax bracket for the year. If you choose the wrong one, you could cost yourself money or run into problems with the government for tax evasion. Here's everything you need to know about each of the five tax filing statuses to determine which one you should choose.
Image source: Getty Images.
Source Fool.com
