Filing Status

Tax planning involves timing of factors such as receipt of income or a change in filing status. Consider ways to get the greatest savings for this year and later.An often-overlooked strategy is that the advancement or postponement of the date of a marriage or divorce by a single day at year-end can make a sizable difference in the amount of your tax tab for both years.Your marital status as of Dec. 31 usually determines your filing status for the entire year. Therefore, the Internal Revenue Service ordains that you are a married person for all of 1990 even if you wait until Dec. 31 to wed. Similarly, the feds consider you to be single for all of 1990, though your divorce or legal separation takes place as late as the last day of the year.

Because of Emancipation Day, a holiday that celebrates the freeing of slaves in D.C., the traditional tax deadline has been extended until midnight tonight. Procrastinators need to make sure in the rush to beat the deadline that they don’t make these common mistakes that the IRS and tax professionals see. Before sending off your return: —    Make sure you put the correct Social Security number, and that you haven’t accidently transposed numbers. —    If you’re old fashioned and file a paper return,  check your figures.

Baltimoresun.com's tax-advice column features three experts from the Hunt Valley accounting firm SC&H Group answering questions about preparing your return every Monday until April 17. To be included in the following weeks, please use the form at the right side of this page to submit your questions. Sharon, Bel Air: What is the procedure for filing an amended tax return for [a] previous year? SC&H Group: An amended individual income tax return is filed on Form 1040X. This form may only be used after the original [Form]

You have less than 24 hours to make good with the Internal Revenue Service if you haven't already. Filing under deadline pressure could lead to mistakes. And it is usually the small stuff that trips you up. The forgotten document. The missing signature. The transposed figure. A lot of common errors can be avoided if you use a tax software program or the IRS Free File program at www.irs.gov. Paper is more prone to blunders, although millions of filers still prefer it. So here are some landmines to sidestep in your rush: ONE PLUS TWO EQUALS FOUR: Math errors are common.

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: What filing statuses can you use or not use in order to get the earned income credit?A: In order to be eligible for the earned income credit, you cannot use the married, filing separately status. You may be eligible for the earned income credit if your filing status is: single, married filing jointly, head of household or qualifying widow or widower with dependent child.

Because of Emancipation Day, a holiday that celebrates the freeing of slaves in D.C., the traditional tax deadline has been extended until midnight tonight. Procrastinators need to make sure in the rush to beat the deadline that they don’t make these common mistakes that the IRS and tax professionals see. Before sending off your return: —    Make sure you put the correct Social Security number, and that you haven’t accidently transposed numbers. —    If you’re old fashioned and file a paper return,  check your figures.

Residential construction leaps in Las VegasOUESTION: In what region is homebuilding most active?ANSWER: Florida, the mountain states and the "oil patch" region have experienced the most homebuilding activity in recent months, according to a report from U.S. Housing Markets. Overall, the number of building permits for residential construction has been steadily increasing in most regions of the country since the fall of 1991.The most dramatic increase of residential construction in a single metro area is in Las Vegas.

Baltimoresun.com's tax advice column features three experts from the Hunt Valley accounting firm SC&H Group answering questions about preparing your return. Here is an edited excerpt of this week's column: What is the procedure for filing an amended tax return for [a] previous year? - Sharon, Bel Air An amended individual income tax return is filed on Form 1040X. This form may only be used after the original [Form] 1040 has already been filed. It must be submitted within three years of the due date of the original return.

Editor's note: Every Sunday through the end of tax season, The Sun will run an edited transcript of Baltimoresun.com's weekly tax advice column featuring experts from the Sparks accounting firm SC&H Group answering reader questions. Submit questions at www.baltimoresun.com/taxtalk I was married in June of last year and we have two kids together who are ages 3 and 7. Should we file a joint return or separately? - Sarah, Kellogg, Idaho In most circumstances, filing a joint return is more beneficial than filing separately.

You have less than 24 hours to make good with the Internal Revenue Service if you haven't already. Filing under deadline pressure could lead to mistakes. And it is usually the small stuff that trips you up. The forgotten document. The missing signature. The transposed figure. A lot of common errors can be avoided if you use a tax software program or the IRS Free File program at www.irs.gov. Paper is more prone to blunders, although millions of filers still prefer it. So here are some landmines to sidestep in your rush: ONE PLUS TWO EQUALS FOUR: Math errors are common.

Editor's note: Every Sunday through the end of tax season, The Sun will run an edited transcript of Baltimoresun.com's weekly tax advice column featuring experts from the Sparks accounting firm SC&H Group answering reader questions. Submit questions at www.baltimoresun.com/taxtalk I was married in June of last year and we have two kids together who are ages 3 and 7. Should we file a joint return or separately? - Sarah, Kellogg, Idaho In most circumstances, filing a joint return is more beneficial than filing separately.

Tax season is just around the corner. Are you wondering whether or not to worry about the alternative minimum tax? Are you scratching your head about how to claim your gambling losses? Are you tearing your hair out about what in tarnation the earned income tax credit is and how you might qualify? Take a deep breath. There's help available and the best part is, you don't even have to pay for it. The Internal Revenue Service offers help by computer, telephone and in person - whether you need the right forms, publications or just answers on a wide range of questions.

Baltimoresun.com's tax advice column features three experts from the Hunt Valley accounting firm SC&H Group answering questions about preparing your return. Here is an edited excerpt of this week's column: What is the procedure for filing an amended tax return for [a] previous year? - Sharon, Bel Air An amended individual income tax return is filed on Form 1040X. This form may only be used after the original [Form] 1040 has already been filed. It must be submitted within three years of the due date of the original return.

Baltimoresun.com's tax-advice column features three experts from the Hunt Valley accounting firm SC&H Group answering questions about preparing your return every Monday until April 17. To be included in the following weeks, please use the form at the right side of this page to submit your questions. Sharon, Bel Air: What is the procedure for filing an amended tax return for [a] previous year? SC&H Group: An amended individual income tax return is filed on Form 1040X. This form may only be used after the original [Form]

If you were 65 or older on Jan. 1, 2004, you may not have to file a tax return as long as you don't trip the income trigger. According to the Internal Revenue Service, you must file a return if your filing status is: Single and you have non-Social Security income of more than $8,950. Head of household and your non-Social Security income is more than $11,200. Married, filing jointly and either you or your spouse is 65 or older and you have non-Social Security income of more than $16,550.

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: What filing statuses can you use or not use in order to get the earned income credit?A: In order to be eligible for the earned income credit, you cannot use the married, filing separately status. You may be eligible for the earned income credit if your filing status is: single, married filing jointly, head of household or qualifying widow or widower with dependent child.