While there are many different tax breaks that you can take advantage of when you’re married, you should know that when you’re single there are also some ways you can get a big return back. There are several reasons that you may find it advantageous to file as a single person rather than someone that is married. Mark Dicus & Company is here to talk about some of the benefits that someone might see if they are filing their taxes as a single person this spring.
Less Paperwork when Filing Single
This is one of the many ways that your life is less complicated when you’re single versus when you’re married. You only have to worry about paperwork for yourself and don’t have to wait on any other employers to give you paperwork before you can file your taxes. You will have half the paperwork that someone that is married will have to file and deal with. And let’s face it, the sooner you file your taxes, the sooner you have that money land in your bank account.
Does Filing Single Save You Money?
There may be several different deductions that married couples can take advantage of, but there are a couple that single filers can benefit from as well.
– Educational Tax Credits: There are a couple of different educational tax credits that you can take advantage of as a single filer. With the American Opportunity Tax Credit, you can claim up to $2,500 off your taxes as a student when you make certain purchases that qualify. The other is the Lifetime Learning Credit that allows students to claim up to $2,000 of qualifying expenses that have similar limitations to the AOTC.
– Capital Loss Tax Deduction: If you have any net capital losses, you can claim them on your taxes as well. In this case, you have an advantage over married couples. If you report a loss on your investments as someone filing single, you can claim up to $3,000 of the loss, where a married couple can only claim half of that.
What Does is Mean to Be in a Lower Tax Bracket?
When you aren’t combining your income with a spouse, you can find yourself in a lower tax bracket. This is especially true for couples that both fall into the top tax bracket. When you don’t have to combine your income with a spouse, you will find big benefits in landing in that lower tax bracket.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are worried that you aren’t taking advantage of all the deductions and credit available to you, you can turn to Mark Dicus & Company to help you prepare your taxes. We will make sure that you are getting as much back from your tax return as is possible. We have the experience and training needed to help you navigate your taxes. Call us today!