Latest Newsletter Edition
Taxpayers May Qualify for More Than One Filing Status
Your tax filing status may affect your tax rate, standard deduction amount, eligibility for tax credits and other factors influencing the amount of tax you owe. If you qualify for more than one filing status, it is important to review your options to make sure you do not overpay in tax.
For example, qualifying single taxpayers may file under Head of Household (HoH) status. Taxpayers whose spouses passed away in 2020 or 2021 may be eligible for Qualifying Surviving Spouse (QSS). Either HoH or QSS status may result in significantly lower tax than Single filer status.
While most married couples benefit from filing jointly, Married Filing Separately (MFS) status may result in lower tax in some circumstances. And as a reminder, if you got married in 2022 or finalized a divorce or legal separation, you will generally need to use a different filing status than you used for 2021.
A tax professional can help you determine which status options you qualify for, and which of those will yield the lowest tax bill.
Greber Tax Advisors does not warrant the accuracy of the information contained herein, nor is it responsible for any errors or omissions and assumes no liability for its use. The information provided is not intended to be construed as a substitute for obtaining proper expert advice from recognized professionals in their related fields. Links to third-party websites are provided as a courtesy. The materials on third-party sites are provided “as is” and without warranties of any kind either express or implied. Greber Tax Advisors exercises no control over the views, accuracy, copyright or trademark compliance or the legality of the material contained on third party sites and does not sponsor, endorse or approve the information, content, products, materials, opinions or services contained on such external sites. The visitor proceeds to these external sites at their own risk. Greber Tax Advisors disclaims any and all liability from damages which may result from the accessing this website, or that of a third party site which is linked to the Greber Tax Advisors website, or from reliance upon any and all information contained therein.
