Filing Status

Individuals effectively have 4 levels of filing status, not all of which anyone is entitled to. They are:

Married filing jointly – this is the most commonly used form for married people. You must be married, and it requires both of you to join in on the filing of the return. Generally speaking, it is the most tax favored method of filing for married people. Note that both spouses must voluntarily agree to file a joint return – if either spouse does not wish to file jointly, there can be no joint return;

Head-of-household – this tends to be the second most tax favored form of filing, and (with certain exceptions, not discussed herein) is only available to those who are not married (there is one area of exception which we are not going to go into) and who maintain a home for a dependent child or parent;

Single – another way of saying single is to also say unmarried. This one tends to be kind of simple – generally speaking, if you are not married, you are single;

Married filing separately – just like this reads, if you are married, but one or both of you decide not to file jointly, basically the only other alternative is to file married separately. This tends to be the worst form of filing – that is, the most tax expensive.

Filing status has no bearing, no impact, on matters such as due date of returns, requirements for payment, etc.

If you have any questions contact Kal Barson at kal@barsongroup.com.