- 1 change tax filing status
- 2 Penalties and interest for failure to file and pay tax
- 3 What’s My Filing Status and Tax Rates For 2014 Tax Season?
- 4 Filing Taxes 101: When to File and Determining Your Filing Status
- 5 Search Results for: How To Change Your Tax Filing Status Turbotax Tax Tips
change tax filing status
1. You are unmarried or considered unmarried on the last day of the year.
2. You paid more than half the cost of keeping up your home for the year.
3. A Qualifying Person lived with you in the home for more than half the year.
1. Cannot take the credit for child and dependent care expenses, the Earned Income Credit, or the education credits.
2. Cannot exclude any interest income from qualified U. S. savings bonds that you used to pay higher education expenses.
3. Must include up to 85% of your social security income if your spouse lived with you at any time during the year.
4. Cannot roll over amounts from a traditional IRA to a Roth IRA if your spouse lived with you at any time during the year.
5. Will be subject to reduced deductions and credits for capital losses, the child tax credit, retirement savings contribution credit.
1. You do not file a joint return
2. You paid more than half the cost of keeping up a home
3. Your spouse did not live in your home at any time during the last six months of the year.
4. Your home was the main home for your child, stepchild, or eligible foster child for more than half the year.
5. You can claim an exemption for the child.
Penalties and interest for failure to file and pay tax
If you file your return late, don’t pay the full amount due, or both, you owe penalty and interest, and cannot claim a vendor collection credit (see Tax Bulletin Vendor Collection Credit (TB-ST-925). Penalty and interest are calculated on the amount of taxes due. The minimum penalty for late filing is $50, even if no tax is due for the reporting period.
Note: A Tax Bulletin is an informational document designed to provide general guidance in simplified language on a topic of interest to taxpayers. It is accurate as of the date issued. However, taxpayers should be aware that subsequent changes in the Tax Law or its interpretation may affect the accuracy of a Tax Bulletin. The information provided in this document does not cover every situation and is not intended to replace the law or change its meaning.
Tax Law: Sections 1136; 1137; 1142; 1145; 1801; and 1817
Regulations: Sections 533.3; 533.4; and 536.1
Publication 20, New York State Tax Guide For New Businesses
Publication 718-C, Sales and Use Tax Rates on Clothing and Footwear
Publication 750, A Guide To Sales Tax In New York State
What’s My Filing Status and Tax Rates For 2014 Tax Season?
Your 2013 Tax Rates are dependent on your Filing Status.
The IRS announced that the 2014 tax season (the season you file your 2013 taxes in) will begin on January 31, 2014. That means there’s a small delay to the opening of the 2014 tax season.
Before filing your taxes in 2014, you should refresh your memory on the 2013 tax rates. Your tax rate will be dependent on what filing status category you fall into and help you get an idea of what your tax refund or tax liability will look like when filing your taxes.
The two tables below will help you see the IRS tax rates for 2013 (the taxes you’ll be filing in 2014). Click on the tax tables to see a larger view (you can even right click and save them to refer back to).
The tax brackets for 2014 tax season don’t vary much from last year’s tax table, except for “high income” earners. That means if you haven’t had any significant changes to your income, your W-4 form, etc., then you’ll probably receive the same tax refund as before.
Looking at the tax tables above, you must first know your 2014 tax filing status. This status determines what federal tax bracket you fall into. Not to mention, your filing status determines the calculations for personal exemptions, standard deductions and the deduction phase out incomes.
- If you are unmarried, divorced, or legally separated you will file under the single status.
Married Filing Jointly
- If you are married, you and your spouse can file a joint return. Filing a joint federal return does not mean you have to file a joint state return.
- If your spouse died over the tax year, you can still file a joint return.
- If you are married and do not wish to file with your spouse, you can file under “Married Filing Separately”
Married Filing Separately
- If you fit into the previous category, you have the option to file separate returns and can file as the status “Married filing separately”
- If you are unmarried and pay for more than half of the costs for keeping up a home.
- The home needs to be the main home for both you the filer and one relative who qualify.
- If you are married but did not live with your spouse at any point during the last six months of the year, you can file as “Head of household” if you have at least one child dependent living with you while you provide more than half of the home costs.
Regardless of your filing status, RapidTax is here to help you file your taxes. Although IRS e-file doesn’t begin until January 31, 2014, starting on January 1st, RapidTax will have the 2013 online application available. That means you can create an account and get a head start on your 2013 tax return.
Filing Taxes 101: When to File and Determining Your Filing Status
When I was in high school, I wish there had been a Lifeskills 101 course or at the very least, a filing taxes for dummies course. I know that I would have appreciated the information especially when it came to how to fill out my tax form, figuring out my filing status, and most importantly- when to file my tax return. Of course, I knew that I had to file before April 15th but it would have been nice to know that I wasn’t limited to just filing before the deadline. As an aspiring work at home mom, I’m also going to be looking into filing as a business but that can wait for next year. I’ll share some tips for home business taxes later on in this series. Next week, we’ll talk about what type of form to use and whether or not you should file your taxes online. And in the meantime, you can take a look at my tax tips for work at home moms (and bloggers) if you want to see what I’ve been able to find out so far.
Originally, the deadline for completing and filing your individual income tax was not April 15th. In the beginning, it was first set for March 1st. Then, during 1918, Congress pushed the date out to March 15th. Then, in the great overhaul of 1954, the date was once again moved forward to April 15th, and this is where it remains today. But, it has only been set this way for a little over 50 years. That’s not very long, in historical terms, and it could possibly be changed again.
If you are an individual tax payer, you are required to file either a return or an extension of time to file (Form 4868) by April 15th.
Corporate and other legal entities are required to file their tax return by March 15th, and if not, they also must file an extension of time to file. What this extension does not do, is to extend the amount of time you have to pay any taxes due the government. So, if you are unable to ready your personal or business financial information in a timely manner, and have no reasonable estimate as to the amount of tax you may owe, you can expect to pay some form of penalty.
To file your tax return, either you or your tax professional will need a number of documents.
These can include tax forms from your employer, invoices, receipts, and statements of interest from your bank. Although all of these documents are fairly common, you might not be able to produce them on short notice. The deadline takes on added significance because it establishes a timeline for you to get organized.
If your taxes are being prepared by a professional, you will want to provide them with your documents far in advance of the deadline. The work they need to do takes time. It is unlikely that they will be able to prepare your return overnight if you provide them with your documents at the last minute. With this in mind, you can plan accordingly.
Collect your receipts, invoices for your business, or employer-provided tax forms and put them in a legible order. This will make the process much easier when you hand your documentation over to your tax professional, or when you set about filing your return yourself.
Currently, all the tax regulations for this country are the responsibility of the Internal Revenue Service, and there are four major divisions of this government office: the Wage and Investment, Small/Business Self-Employed, the Large and Midsize Business and the Tax Exempt and Government Entities.
Each division has responsibilities as they pertain to their individual specialty.
Knowing how to determine your tax status, and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under.
There are five classifications from which you choose to file: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. If for some reason, more than one status applies to you, you should choose the status that gives you the greatest tax benefit.
Determining your status as a single filer seems simple enough, but there are different situations that exist that can qualify the taxpayer as single.
For example, if you are legally separated even in the last month of the year, you are considered single for the entire year. With no dependents and you are unmarried, you are considered single. Divorce and annulment within the year also qualifies you to file as single.
However, even if you are single, but you have a dependent, or were widowed during the tax year, and you have dependents, your filing status would change to head of household or widowed with qualifying dependent child, not single.
When it comes to determining your status as a married taxpayer, there are simple qualification assessments that establish your legal filing status and if you’re considered married. Obviously, if you are legally married and living together as husband and wife, even for a small part of the tax year, then you would be considered married.
If you are living together as common law spouses, and it is legally recognized in the state in which you live, or you lived part of the tax year in the state where the common law marriage began, then your filing status is married. Your filing status is still married even if you are married but not living together, but are not legally separated or divorced.
If you have unique circumstances, it might not be so easy to determine your filing status. If, for example, you were widowed during the tax year and did not remarry, you can file as married with your deceased spouse, and then file as widowed with qualified dependents for the next two years, so long as you do not remarry. If you remarry within the tax year that your spouse passed away, you would file as married with your current spouse, and file with your deceased spouse as married filing separately.
If you are married and want to file a joint return, your tax status is married filing jointly.
All income to the household must be included on the one return, and both spouses must sign and date prior to submitting the tax return. All exemptions, deductions, and credits are reported on the joint return, and you share equal responsibility and liability for the information reported on the tax return, as well as any tax money owed. There are ways to ask for release from joint responsibility, either through innocent spouse relief, separation of liability for spouses who have not lived together for the past year, or equitable relief.
There are sometimes reasons that a spouse cannot sign a joint tax return, such as a spouse stationed abroad for the military. In this type of situation, you may sign for your spouse as a proxy, and attach a written explanation.
Choosing your filing status, while lengthy and sometimes complicated, is an important in the process of completing your Federal Income Tax return.
I hope that this clears up some of the confusion when it comes to filing taxes! Be sure to join me next week when we take another step into exploring the world of the federal income tax return.
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