Monthly Archives: February 2014

Q&A: Dependency Exemptions

Posted on February 27, 2014 by Lisa W. Hull

There are many questions that arise when claiming the dependency exemption.  While some dependents are clear cut, such as an 8 year old son or daughter living with both parents while they are married, others require more evaluation of the … Continue reading →

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Personal and Dependency Exemptions

Posted on February 17, 2014 by Lisa W. Hull

Each individual taxpayer is entitled to a personal exemption, unless they are claimed as a dependent on another return. For example, my daughter Hannah is a student, age 22, and is claimed as a dependent on my tax return.  When … Continue reading →

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Filing Status: Married Filing Separately

Posted on February 8, 2014 by Lisa W. Hull

Married individuals may choose to file separately rather than filing one joint return.  Married filing separately is the least favorable filing status. The standard deduction for this status in 2013 is $6,100 and $6,200 in 2014. Not only does the … Continue reading →

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Filing Status: Head of Household and Single

Posted on February 1, 2014 by Lisa W. Hull

Head of Household Tax rates for head of household filing status are not as good as married filing jointly but better than single. The standard deduction available for head of household in 2013 is $8,950 and in 2014 is $9,100. … Continue reading →

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