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How To Choose Your Tax Filing Status Wisely For 2018 - 2019

What Tax Filing Status Can Save You $?

Choosing the right tax filing status that best suits you and your needs for the 2018 - 2019 tax season can be an important factor that may even save you some serious cash. You may or may not have choices in the tax filing status you use.

The right tax filing status can offer you opportunities to save some cash on your income taxes this tax season.

By exploring your tax filing status options you can learn more about the advantages different status selections offer in tax savings.

The first step when preparing to file your federal income tax return is to determine the proper filing status to use. The tax filing status you choose helps to determine your filing requirements including:

There are Five Tax Filing Statuses:

Determining What Tax Filing Status to Choose?

When it's time to prepare your tax return, you will need to choose the tax filing status that best fits your requirements based on marital status and dependants.

Within the 5 different tax filing status choices you will generally only qualify for 1 or 2 of them in any year you are preparing to file your tax return.

The IRS offers a great tool to help you determine your tax filing status. This tool is called the IRS Interactive Tax Assistant and by using the tax filing status tool you can determine in 5 minutes which filing status fits you.

You can also use IRS Publication 501 for additional information on exemptions, the standard deduction, and other tax filing information.

Here are some facts that the IRS wants you to know so that you will be able to choose the best tax filing status for your situation.

IRS Bona-Fide Tax Filing Status Tips