Determine your filing status
Your filing status is extremely important as it can determine your standard deductions, eligibility to receive certain tax credits and how much you owe in taxes. It is all the more important as it can change from one year to another.
For instance, if you get married, you might want to file your taxes jointly, as it seems like the most logical and beneficial option. But don’t bet all your money on that, just yet. According to LeMons, the best method to know whether is better to file “married filing joint” or “married filing separate” is to calculate your tax return in both cases. “Generally, it is more beneficial to file ‘married filing joint’ for tax purposes,” LeMons says.
If you want to know more, make sure you check these 6 Major Life Events That Influence Your Taxes.
