IRS Accounts-Get one now
The IRS has made it much easier for taxpayers to obtain their own records. Go to www.irs.gov and select the “Get Your Tax Record” tab. Scroll down to “Get Transcript Online”. This will prompt you to create and ID.me account if you don’t already have one. If you don’t take the time to create one. You will have access to your records, be able to pull transcripts and you can sign a power of attorney for your accountant online. This is one of the more beneficial tools that the IRS has developed.
Who is my dependent?
Who are dependents? Dependents are either a qualifying child or a qualifying relative of the taxpayer. The taxpayer's spouse cannot be claimed as a dependent. Some examples of dependents include a child, stepchild, brother, sister, or parent. See Publication 4491 for a more in-depth answer.
Here are facts to help taxpayers understand the different filing statuses
Taxpayers don’t typically think about their filing status until they file their taxes. However, a taxpayer’s status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use. It’s important a taxpayer uses the right filing status because it can affect the amount of tax they owe for the year. It may even determine if they must file a tax return at all. Taxpayers should keep in mind that their marital status on Dec. 31 is their status for the whole year. Sometimes more than one filing status may apply to taxpayers. When that happens, taxpayers should choose the one that allows them to pay the least amount of tax.
Here’s a list of the five filing statuses and a description of who claims them:
- Single. Normally this status is for taxpayers who aren’t married, or who are divorced or legally separated under state law.
- Married Filing Jointly. If taxpayers are married, they can file a joint tax return. When a spouse passes away, the widowed spouse can usually file a joint return for that year.
- Married Filing Separately. A married couple can choose to file two separate tax returns. This may benefit them if it results in less tax owed than if they file a joint tax return. Taxpayers may want to prepare their taxes both ways before they choose. They can also use this status if each wants to be responsible only for their own tax.
- Head of Household. In most cases, this status applies to a taxpayer who is not married, but there are some special rules. For example, the taxpayer must have paid more than half the cost of keeping up a home for themselves and a qualifying person. Taxpayers should check all the rules and make sure they qualify to use this status.
- Qualifying Widow(er) with Dependent Child. This status may apply to a taxpayer if their spouse died during one of the previous two years and they have a dependent child. Other conditions also apply.