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.
Here’s an undisputed financial fact: it’s always a good idea to set some money aside,…
Is every aspect of your life governed by technology? This might sound like a bad…
As the saying goes, 'home is not a place but a feeling,' and we couldn't…
Very, very soon, we will reach the first year milestone of the Coronavirus Pandemic. For…
If saving money was an integral part of your life (or still is), then it…
Is it time for you to unretire? Here are 8 signs to look out for!…