Discussion 1 - o Not responsible for spouses...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Discussion 1 A taxpayer can pick one of the following ways to file their taxes: Single, Married filing jointly, and Married filing Separately, Head of household or qualifying widow. Discuss some of the advantages and disadvantages of these. Please post your answers to this question and post a response to a minimum of one classmate's answer. Single Disadvantages o Lowest standard deduction Married filing jointly Advantages o Highest standard deduction o Provides better tax benefits than filing married filing separately o Offers tax credit not available under other filing statuses Disadvantages o Responsible for spouses self-employment issues if they arise Married filing separately Advantages o Receive separate tax liabilities
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: o Not responsible for spouses self-employment issues if they arise o In the process of a divorce o If a spouse has significant medical expenses, they may be more attainable Disadvantages o Have the least favorable tax benefit o Coordinate who claim dependents o Lose tax credits that may have been available if filing jointly Head of household Advantages o Higher standard deduction than filing single o Lower tax rate than filing single if you have a qualifying dependent Qualifying widow Advantages o Receive the same deductions and tax rates as a taxpayer who is married filing joint (two years following the death of a spouse)...
View Full Document

Page1 / 2

Discussion 1 - o Not responsible for spouses...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online