Courtesy of TurboTax
Edited by Lawndale Bilingual News
February has arrived and with it comes Valentine’s Day. Have you ever stopped and thought about how your relationships affect you economically and fiscally? TurboTax knows that for some people, taxes can be as complicated as relationships and that is why we wanted to share tips and deductions that might help you depending on your marital status. Identify your status and read carefully:
If you’re single:
Being single has many benefits, and also in the taxes scenario. Treat your single self to these tax benefits:
Standard Deduction: The new tax reform law almost doubled the standard deduction for singles to $12,000. Some singles who itemized last year may see a bigger benefit by claiming the new standard deduction versus claiming itemized deductions like mortgage interest, taxes, and donations. Plus, out of pocket employee expenses are no longer deductible.
If you’re married:
Whether you’re recently married, or have been married for some years, here we share the tax benefits of getting hitched:
Consider an itemized deduction: As a married couple, it may make sense to claim itemized deductions instead of the standard deduction. If you are in doubt about whether to file a joint return with your spouse, you can connect live via one-way video with a CPA or an enrolled agent from TurboTax Live with an average of 15 years of experience to explain the pros and cons of each situation.
If You’re Divorced:
Divorce itself is quite difficult. If you are one of the many people who went through a divorce, you will be dealing with a different tax situation as a result. Here are some recommended actions:
Analyze your divorce decree to determine who will declare the children as dependents: If your divorce agreement did not specify who will make the children dependents, then the parent who has custody will do so. If custody is shared, the parent who spends the most days with the child during the tax year is the one who declares the child as a dependent.
For the full report or for more information, visit https://turbotax.intuit.com/
