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Your filing status basically expresses how you wish to be treated by the IRS, and can determine which deductions and credits you are allowed to take, which forms you should fill out and more.
Tax Filing Status. Who Can Use It. Single. Not married on the last day of the tax year. Legally separated according to the laws of your state on the last day for tax year.
As long as you meet some basic residency requirements and your home-sale profit is $250,000 or less ($500,000 for married-filing-jointly home sellers), it’s not taxable and you don’t have to ...
Filing taxes may not be your favorite chore, but it’s a necessary one to ensure that you stay in the good graces of the IRS. Deciding which tax filing status to choose matters for determining ...
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
For debtors subject to the means test, the test is calculated as follows. The debtor's "current monthly income" is reduced by a set of allowed deductions specified by the IRS. These deductions are not necessarily the actual expenses the debtor incurs on a monthly basis. Some commentators have referred to these deductions as "presumed expenses".
Your filing status will determine what you owe in taxes and whether or not you have to file a return at all. Stimulus Update: November Child Tax Credit, Maine’s AGI Checks & Golden State Checks ...
Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate ...