yo yo yo CPA strength here back with another video how could you guess cuz
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right now you gotta like it right now you'll have good luck the rest of your
life what is this video gonna be about this
is about filing status on a 1040 filing status let's get to the basics there's
five filing statuses that's it there's if when you do a 1040 tax return there's
gonna be five oh I am a licensed CPA in the state of Florida I'm the strongest
CPA in the state of Florida but I'm a licensed CPA in the state of Florida
I've done well over a thousand different tax returns in the last seven years
going into my seventh seventh season as a tax preparer currently and I think
this would be helpful there's also questions I've gotten from people from
clients below both let's get into it so there's five five filing statuses that's
it there's they if you if you file a 1040 tax return your file your status
when you file your filing status is either gonna be single married filing
jointly so look up I should have put a number in i probe box there's one two
married find wellies another one a third one married filing separately a
fourth one had a household and a fifth one qualifying would it work now that's
it there's only five so it's pretty cool I
guess you got a 20% chance of being correct now let's just look this is
going into I just looked on the 2017 because we're in 20 year 2018 but we
file for the for the previous year always in the past I tend to live my
life in the past but I guess I'm gonna countin so these are the standard
deductions we just went over standard reduction and yesterday's video because
it was standard or itemized these amounts change every year I just want I
just want you to notice that single single deduction standard deduction and
married filing separately are the same amounts married filing jointly and
qualifying widower are the same amounts kinda households a zone amount so you
got one two so there's five filing statuses three
different amounts let's go with single what would single be me forever alone me
I'm not married I don't have any dependents I think the I looked at the
publication seventeen that's where I get all my all my information because the
IRS puts out the publication seventeen anyways I was reading the pub 17 you can
get the publication seventeen a Ferriss website really anything I say about tax
information can be found on the IRS website I I was saying singles if you're
not married and no dependents or not married and doesn't mean any other
factors so single I would say well on that's what I file
I'm not married and I don't have a dependent I belitz oh not married and no
dependent yeah probably spelled dependent wrong
that's why that's why I get it real sloppily so you can't tell let's go to
our next one married filing jointly you gotta have two socials for this one
married filing jointly this is your married blessings plot scenes you found
someone to show the rest of your life with you should I should be so lucky
someday you found that special someone you're married you're gonna file a tax
return together so you good file married filing jointly if you're married and you
want to do it together now there's a third one bird filing separately that is
you're still married but you don't want to file with your spouse with you you
don't want to file with your partner for a myriad of reasons there are so many
reasons but that's the third one married filing separately you're married and you
want to file separately single you're not married no dependents very fun
totally married married and you want to file jointly very fun separately you're
married and you want to file separate we're gonna skip had a household because
I want to kind of finish up with that one possibly will go to qualifying
qualifying we're gonna skip over that head of household big brother
HOH qualifying widower that is widower you're married your spouse passed away
but there are stipulations you can only do this for you can only use this one
for two years not remarry and you need a dependent out of my thousand something
tax returns I think I've done one of these maybe two so this does not happen
very often you need to be need to be a widower and have dependent and let's go
back to how that household now you say a single person you says I've had in my
household I'm the head of my household I don't really work like that you
basically the main thing to be had a household is to be a household you have
to have a dependent a dependent and and I don't know if this is an anger ye I
don't have spellcheck on this I'm sorry after 300 videos if I make a spelling
error so I need a dependent so I need a kid you know a child child parent to be
to be head of household this video is definitely long enough you know I would
look at the pub 17 has a bunch of different rules I just wanted you to
know that there's five five different filing statuses this is I guess singles
the default this one's the default it's like if you don't fit in any other
category so singles the default are you married you want to file with somebody
married filing jointly you married your spouse passed away you have a dependent
qualifying would work
you're single you're married but you're not filing together and have it and have
a child or a parent or dependent that's had a household you're married
don't want to file with that person very fine separately that's basically and I
hope you liked the video hope you enjoyed the video hope you find it
helpful and until tomorrow this is CP a strength and I'm out a doses I guess if
I say deuces I should say a deuces