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Tax Tips

What is the best filing status for taxes?

How to Choose the Best Filing Status

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What Filing Status Should I Use?

It is very important to select the correct filing status when filing your individual tax return. Many tax credits, deductions, and the amount of taxes paid are dependent upon the filing status selected. At times, more than one filing status may apply to you. In this case you should work with your tax advisor to figure out which status is best for you.

The 5 Filing Statuses:

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

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When to use an ITIN for filing taxes.

What is ITIN Number | Individual Taxpayer Identification Number?

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An ITIN (individual taxpayer identification number) is a 9-digit number issued by the IRS to you, the taxpayer, who does not have or is not eligible for Social Security Number.

How to recognize an ITIN?

  • ITIN is a 9-digit number that begins with the number 9
  • Has a range of 70 – 88, 90 – 92, and 99 – 94 in the fourth and fifth digits

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tax credit and deduction

Tax Exemption vs. Tax Deduction. What’s the Difference?

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Are you ever confused when your tax advisor says “take this exemption” or “let’s use this deduction?”

Don’t worry, you are not alone.

Most tax payers are not aware of the difference between a tax exemption and a tax deduction. I take pride in teaching you how to achieve financial peace in many different ways and this is one topic I’d love to explain to you.

Now let’s break down the difference between a tax exemption and a tax deduction! Read More

Everything You Need to Know about Injured Spouse Tax Relief

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Everything seemed to be going well with your tax preparation this year until you were unexpectedly told you would not be receiving your refund.

In fact, you would end up giving the entire refund to the IRS for a particular issue unknown to you.

Once you contacted the IRS you learn that your spouse owes money towards a delinquent student loan payment and now the money you were depending on has vanished…

…Or so you thought. Read More

The Handy Tax Guy

The Virtual Tax Service Pro is Here!

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Welcome to The Handy Tax Guy Blog!

This blog series is here to bring you up to date tax tips, exciting tax breaking news, and answers to your tax preparation questions you’ve always wanted to know.

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About Me

The Handy Tax Guy Blog

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My name is Handy (pronounced “Andy”) and I’m the owner of The Handy Tax Guy. I believe in using money as a tool to create a life of financial success and I’d like to show you how. Learn from my successes (and failures) to help grow your income and achieve financial freedom. Read my comeback story here.

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