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Tax planning includes determining filing status

Alfredo Gaxiola in Houston

Single or married? Kids or no kids? These are just a couple of questions that will help someone determine their tax filing status. Taxpayers usually only think about their filing status when filing their returns. However, this is something to think about all year, especially if it changes.

Here are some things about filing status that taxpayers should consider now:

  • A taxpayer’s filing status is used to determine their:
    • Filing requirements
    • Standard deduction
    • Eligibility for certain credits
    • Correct amount of tax

If more than one filing status applies to someone, they can use the Interactive Tax Assistant to help them choose the one that will result in the lowest amount of tax.

  • Changes to family life may affect someone’s tax situation. These changes include:
    • Marriage
    • Divorce
    • Birth of a new baby
    • Adoption of a child
    • Death

Typically, a taxpayer’s status on December 31 applies to the entire year for tax purposes. For example, if someone gets married late in the year, for tax purposes they’re considered married for the entire year.

Source: IRS

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

06 Alfredo Gaxiola in Houston

Alfredo Gaxiola in Houston.

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