Income Tax Preparation in Oxnard: How to Choose the Right Tax Filing Status
When it comes to income tax preparation in Oxnard CA, your filing status has a big impact. It determines your credits and deductions and how much you may be able to deduct. While there are professionals who can help you prepare and file your taxes, you should consider the five tax filing statuses ahead of time.
Head of Household
Many taxpayers end up confused by this tax filing status. This is not for married individuals! This is for single individuals who pay more than half the cost to keep up a home for a year or support at least one other person.
Married Filing Jointly
Most married couples file jointly. If you require tax prep help in Oxnard, odds are the professional will suggest this status. Here, you report your combined income and deductions. If you divorce during the tax year, you are not qualified for married filing jointly.
Married Filing Separately
This status is best when ones spouse is hiding income or may be a tax liability issue. Keep in mind that separate filers often pay more than joint filers do.
The single filing status is the simplest. If you are an unmarried person that does not qualify for any other status, this one is for you. Keep in mind that if the IRS suspects that you divorce so that you can file as a single person, you can face penalties.
Qualified Widow or Widower
Widows or widowers may need extra tax prep help in Oxnard. The rules are a little more complex. If your spouse died in the last year, you may file married jointly. However, for the next two years following, you file as a widow or widower.
When choosing the right tax filing status, some of it may be easy to understand. There are complexities however, with income tax preparation in Oxnard that may make your tax filing status difficult to choose. A tax preparer can help you with these complexities.
About Excella Tax
When you need accounting and bookkeeping services, rely on the qualified professionals at Excella Tax. As a full-service bookkeeping and tax preparation firm, we provide accurate and efficient tax, bookkeeping and insurance custom tailored to your business and personal needs. Our team of experts utilizes state-of-the-art procedures and processes in accounting technology to ensure our clients receive the best possible services.
Address: 522 North A Street, Ste A, Oxnard, CA 93030
Tel: (805) 981-6357