2. Opting for the wrong filing status
The Internal Revenue Service mentioned many times before that some taxpayers use the wrong filing status. The taxman also gave several examples like ‘head of household,’ instead of ‘single.’ However, if you’re using tax prep software, the odds of getting the wrong filing status are low, or, better, said, close to none.
If you don’t, you can still use the IRS Interactive Tax Assistant tool or IRS Publication 501. And if you’re wondering what could happen if you’re submitting your return with the wrong filing status, note that your filing status impacts directly the amount of the standard deduction you are entitled to claim, as well as the tax breaks you are qualified to get, and the taxes you owe.
So, yeah, get your filing status right, and remember to double-check!
