It’s time filing for tax return of year 2014. The Internal Revenue Services (the IRS) recently released tax tip regarding how to choose among five filing statuses, which are single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. An individual’s marital status on December 31 counts for the status for the whole tax year. When there are more than one status that applies, an individual can choose the one that allows him/her to pay the lowest tax. This tax tip also gives a note to same-sex married couples to file under married couples.

See IRS, “Choose the Right Filing Status,” Tax Tip 2015-08 (January 29, 2015)

Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.