If you are a U.S. citizen or resident but your spouse is not, you can use the married filing jointly status on your U.S. federal income tax return if you elect to treat your spouse as a resident for tax purposes. By filing a joint return you would pay a lower tax rate than if ...
When you attend college you may receive scholarships, fellowships or grants. You might also receive stipends to cover expenses, or for teaching, doing research, working on an apprenticeship or internship, or for other work. According to the IRS, scholarships, fellowships and grants are generally not subject to federal income tax if you are a candidate ...
The purpose of this article is to discuss tax deductions. The discussion will describe common itemized deductions, provide a comparison of itemized deductions and the standard deduction, and explain how to determine when it is best to take the standard deduction versus itemized deductions. Itemized Deductions Itemized tax deductions fall under three categories: expenses incurred ...
Your filing status is a fundamental part of the individual income tax process. It will determine whether you have to file a return, what your standard deduction will be, and what your ultimate tax will be. Your filing status also affects your eligibility to claim certain tax deductions and credits. Therefore, your filing status is ...
When filing your federal income taxes, you have an option to either take the standard deduction or itemize. The standard deduction is just what it says – it is a flat amount of money you can deduct from your adjusted gross income before figuring your income tax for the year. Itemizing eschews the flat rate ...
Most of us live our lives as they come, and then hope for the best at tax time. Sometimes our lives are more messy than we (or the IRS) would like. Enter the option for “Married Filing Separately”. As a married person,I had been curious about this in the past, and wondered if it would ...
There is no minimum age for filing a federal income tax return. If you are under age 18 you may have to file a tax return, depending on your income for the year. Or it may be to your advantage to file a return to obtain a refund for the tax withheld from your paycheck. ...
With the start of the New Year comes the beginning of tax season. Here are some frequently asked questions for filers in the state of Missouri. Missouri Tax Question #1: What are the minimum filing requirements in Missouri? This answer depends on your marital status and income levels, which will differ from federal levels. You ...
Information on who is required to file, and when they have to file, for Missouri tax returns… Who has to File in Missouri? Let’s start with who doesn’t have to file. There are four groups of people that are not required to file a Missouri Return… Group 1 – People who are exempt from filing ...
There are a number of different filing statutes available to an individual filer, five to be exact, but if you are married, you will need to decide whether to file jointly with your spouse, or to go out on your own and file separately. There are advantages to each one, as well as certain drawbacks. ...
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