09. June 2013 · Comments Off · Categories: Taxes · Tags: , , ,

TAXES HEAD OF HOUSEHOLD

The primary issue affecting a person’s income tax is filing status. This element determines the applicable tax rate and the amount of standard deduction. It is therefore a critical factor to accurately assess by anyone who has become a tax preparer.

A favorable filing status applies to individuals who qualify as head of household. Taxpayers who meet the qualifications for this filing status incur a lower tax rate and higher standard deduction than filing as single. The standards for head of household as conveyed in tax CPE are that a taxpayer must have maintained a home for a qualifying person and be considered unmarried.

A person is considered unmarried if single or legally separated on December 31. In addition, a taxpayer who lived separately from his or her spouse for the six months prior to December 31 is considered unmarried.

To maintain a home means to pay at least half the costs of keeping up the residence. This involves paying the majority of household expenses such as food consumed, rent or mortgage payments, property taxes, home insurance, utilities, and cleaning supplies.

Who constitutes a qualifying person is the tricky aspect head of household study for the tax preparer certification exam or the enrolled agent exam.

One type of qualifying person is a taxpayer’s child, stepchild, or grandchild. Adopted children also provide eligibility for the head of household status. The taxpayer must have provided a home where the child lived for more than half of the tax year. Absences due to education, travel, or illness are permitted.

A foster child also qualifies a taxpayer for head of household status. However, a foster child must have lived with the taxpayer for the entire tax year.

There is one factor addressed in a CPE course that should not be overlooked about a child that qualifies a taxpayer for head of household status. That is, the qualifying child does not have to be claimed as a dependent on the taxpayer’s tax return. A foster child is an exception to this rule and must be claimed as a dependent.

Of course, a child who lives with a parent for more than half the year is most likely claimed at a dependent on the parent’s tax return. However, this is not a requirement for head of household filing status. For example, a custodial parent may have granted the exemption to the noncustodial parent or the child may have earned enough income to claim his or her own exemption.

The qualifying child must normally be unmarried. A married child may qualify if the taxpayer can claim a dependency exemption, the child does not file a joint tax return, and the child is a US citizen or resident (or a resident of Canada or Mexico).

A qualifying person can also be a grandparent, stepparent, parent-in-law, sibling, stepsibling, sibling-in-law, aunt, uncle, niece, or nephew. Either of these must have lived with the taxpayer for more than half the year and be claimed for a dependency exemption. A parent is a qualifying person for head of household status without having to live with the taxpayer as long as the parent is a dependent.

The facts about filing status are an important part of tax preparation knowledge. Careful self-paced study of the qualifications for head of household status is available with online CPE.

 

 

 

The primary issue affecting a person’s income tax is filing status. This element determines the applicable tax rate and the amount of standard deduction. It is therefore a critical factor to accurately assess by anyone who has become a tax preparer.

A favorable filing status applies to individuals who qualify as head of household. Taxpayers who meet the qualifications for this filing status incur a lower tax rate and higher standard deduction than filing as single. The standards for head of household as conveyed in tax CPE are that a taxpayer must have maintained a home for a qualifying person and be considered unmarried.

A person is considered unmarried if single or legally separated on December 31. In addition, a taxpayer who lived separately from his or her spouse for the six months prior to December 31 is considered unmarried.

To maintain a home means to pay at least half the costs of keeping up the residence. This involves paying the majority of household expenses such as food consumed, rent or mortgage payments, property taxes, home insurance, utilities, and cleaning supplies.

Who constitutes a qualifying person is the tricky aspect head of household study for the tax preparer certification exam or the enrolled agent exam.

One type of qualifying person is a taxpayer’s child, stepchild, or grandchild. Adopted children also provide eligibility for the head of household status. The taxpayer must have provided a home where the child lived for more than half of the tax year. Absences due to education, travel, or illness are permitted.

A foster child also qualifies a taxpayer for head of household status. However, a foster child must have lived with the taxpayer for the entire tax year.

There is one factor addressed in a CPE course that should not be overlooked about a child that qualifies a taxpayer for head of household status. That is, the qualifying child does not have to be claimed as a dependent on the taxpayer’s tax return. A foster child is an exception to this rule and must be claimed as a dependent.

Of course, a child who lives with a parent for more than half the year is most likely claimed at a dependent on the parent’s tax return. However, this is not a requirement for head of household filing status. For example, a custodial parent may have granted the exemption to the noncustodial parent or the child may have earned enough income to claim his or her own exemption.

The qualifying child must normally be unmarried. A married child may qualify if the taxpayer can claim a dependency exemption, the child does not file a joint tax return, and the child is a US citizen or resident (or a resident of Canada or Mexico).

A qualifying person can also be a grandparent, stepparent, parent-in-law, sibling, stepsibling, sibling-in-law, aunt, uncle, niece, or nephew. Either of these must have lived with the taxpayer for more than half the year and be claimed for a dependency exemption. A parent is a qualifying person for head of household status without having to live with the taxpayer as long as the parent is a dependent.

The facts about filing status are an important part of tax preparation knowledge. Careful self-paced study of the qualifications for head of household status is available with online CPE.

 

 

 

Appliances TM to More and more popular by the public, many people do not Jiujia Dian even buy a new leaf. But reporters visited Nov. 1 found that second-hand goods market to a “poor little income does not point, big bad guy to go” phenomenon and now want to use two 30 yuan of Jiu Jiadian to another appliance TM to evidence not Then a cost-effective.

Huayang Road in the vicinity of the Runfeng Flea market unused materials, home appliances TM to more than a month after the Jiu Jiadian fewer and fewer small tall. “

Boss , 14-inch TV How to sell? “” It is short, if you want 150. “” How so expensive ah? “” The size color TV good buy. “

In another store, secondary Microwave ovens Has risen to 120 in the vicinity. “Buy a new leaf now uneconomical.” Cleaning up old appliances Ms Zhao was introduced last month have used small appliances prices higher, “20 inches below

TV , There are small Washing machine Are easy to find, and prices are still low. “In the area of Heilongjiang Road Qingdao Licang idle goods market, most 25-inch, 29-inch TV market than in September used before a lot worse.” Closing up of the original has not sold it are afraid to purchase a. “The market did more than two years Master Xu introduced,” a market price is not high which ordinary television, trade-in can subsidize a lot, willing to spend three or four hundred people to buy second-hand television much less and looked at rear projection TV I have to worry about. “

Would like to participate in home appliances TM, consumers do not buy junk old when the renewal of an account will happen to reckon.

To television, for example, according to the standard price of home appliances TM to Jiujia Dian recovery up to the new appliance

Sell

10% of the price subsidies, subsidies for a maximum of 400 yuan TV / Desk, 29-inch TV recycling site posted the following to pay in cash only 15 yuan, 29-inch TV recycling site posted above the cash to pay only 20 yuan.

According to the consumer in the secondary market to buy a 21 inch old TV price 160 yuan terms, assuming renewal of consumers to enjoy TV in the TV, Qingdao, home appliances TM to the highest standard of 400 yuan subsidy, so doing, consumers by Buy a new leaf can only save 400 yuan – (160 -20 dollars) = 260 dollars, not counting the consumer will be second-hand television transport travel money, before and after the torment of labor costs. In addition, the maximum you want to enjoy TV TM to more than 4,000 yuan subsidy to buy a TV, if only to 3,000 yuan for a new television station, may only be a savings of 160 yuan. It appears that you want cost-effective to buy a new leaf, if you do not take the time to scouring second-hand household electrical appliances more affordable units, may not, on some calculations.

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