Mark Steber
Mark Steber
late myth return
It's a myth that it's too late to get your return done.
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In general, preparing a return as a married couple filing jointly may give you the lowest tax liability and the highest standard deduction, but to find the best scenario, it's wise to calculate your return both ways and see which is the most advantageous for you. For example, if both of your incomes are about the same, you may pay less in taxes by filing jointly, depending on the rest of your return.
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You should calculate your tax return both ways (including and not including combat pay as earned income for EITC purposes) to determine which option gives you the best result. Alternatively, combat pay is included as earned income when calculating the refundable portion of the Child Tax Credit.
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For example, children not related to the taxpayer who live with both the taxpayer and a parent will generally not qualify as a dependent for the taxpayer.
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If you owe money, it's just as important to be organized and get started early to reduce the amount of liability and find overlooked deductions.