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Single Filing Status Definition: Who Should File as Single

If you don’t qualify for any other filing status you should file as single

Your filing status is one of the first things you enter on your tax return, but it’s also one of the most important. That’s because it has a huge influence on the rest of your return. It determines whether you have to file, what rates you get taxed at, your standard deduction, and eligibility for certain credits and deductions.

There are five different filing statuses:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household
  • Qualifying Widow(er)

Definition of single

According to the IRS definition:

Your filing status is single if, you are considered unmarried, and you do not qualify for another filing status. Continue reading “Single Filing Status Definition: Who Should File as Single”

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Are Full-Time Students Exempt from Taxes?

Students are not exempt from taxes and have the same filing requirements as everyone else

Already beleaguered college students will be disappointed to learn that there is not a tax exemption for students, full-time or otherwise.

Whether you have to file a return depends on

  • your income amount (earned and unearned)

  • whether someone else claims you as a dependent

  • your filing status

  • your age

If your level of income is below the filing requirement for your age, filing status, and dependency status, then you don’t have to file a return. Conversely, if your income level is above this filing requirement, you must file regardless of whether you are a student.

You can see the filing requirements for most non-dependent situations below: Continue reading “Are Full-Time Students Exempt from Taxes?”

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First-Time Tax Filer FAQ

Information to make taxes easier for first-time filers

The U.S. tax code is one of the most complicated things out there. Even experienced professionals who have spent their entire careers dealing with it can still be confused about some of the finer points. If you’re just starting out and have never filed a return before it can be incredibly daunting.

Thankfully, RapidTax has assembled a collection of questions that frequently confuse first-time filers. The information here is hardly complete, but it should serve as a basic introduction to the world of taxes. If you need more information about a particular topic, trying searching for what you need in the sidebar; there are tons of great articles on the RapidTax blog that could answer your question.

But that’s the great thing about RapidTax: it makes filing taxes so simple you don’t have to bother with all that information. Get started on your return now to see for yourself.

Federal taxes vs. state taxes

When most people file their taxes, they have to file both a federal income tax return and a state income tax return. These are two different returns and you may very well be charged extra for preparation of the state return. Continue reading “First-Time Tax Filer FAQ”