An individual tax return is a form that you file with the IRS to report your income, deductions, and tax obligations. It's necessary to determine how much tax you owe or if you are entitled to a refund.

Tax returns are typically due on April 15th. If that falls on a weekend or holiday, the deadline may be extended to the next business day. You can also file for an extension if you need more time.

There are five main filing statuses for individual tax returns in the United States. Your filing status determines the amount of your standard deduction, your eligibility for tax credits, and your tax rate. Here’s an overview of each:

1. Single

• Who qualifies: This status applies if you are unmarried, divorced, or legally separated from your spouse and you do not qualify for another filing status.
• Benefits: Typically, single filers have a higher tax rate compared to those who file jointly, and they are eligible for the standard deduction for single taxpayers.

2. Married Filing Jointly

• Who qualifies: This status applies if you are married and both you and your spouse agree to file a joint tax return.
• Benefits: This is often the most beneficial status, as it usually results in a lower tax rate compared to filing separately. Couples filing jointly can also claim larger deductions and credits.

3. Married Filing Separately

• Who qualifies: If you are married but choose to file your taxes separately from your spouse, you must choose this status.
• Benefits: While filing separately can offer some advantages in specific situations (e.g., separating liability), it typically results in higher taxes and fewer tax benefits. For example, credits like the Child Tax Credit and Earned Income Tax Credit (EITC) may be limited or unavailable.

4. Head of Household

• Who qualifies: This status applies if you are unmarried, pay more than half of the cost of maintaining a home for a qualifying person (such as a child or dependent relative), and you meet specific criteria. You must also be considered unmarried on the last day of the tax year.
• Benefits: Head of Household status provides a higher standard deduction and often results in a lower tax rate than the "Single" status. It's intended for individuals who are supporting dependents, such as children or elderly parents.

5. Qualifying Widow(er) with Dependent Child

• Who qualifies: If your spouse has died and you have a dependent child, you may be able to file as a qualifying widow(er) for the two years following your spouse’s death.
• Benefits: This status allows you to use the same tax brackets and standard deduction as "Married Filing Jointly," which can result in significant tax savings compared to filing as "Single."

Each filing status comes with different rules regarding eligibility, tax brackets, deductions, and credits. It's important to choose the one that best fits your personal situation to minimize your tax liability.

A tax year is the period for which you are reporting income and expenses to the IRS, typically a calendar year (January 1 to December 31). The filing year is the year in which you file your tax return for the preceding tax year (e.g., you file a 2023 return in 2024).

• Self-Employed or Sole Proprietorship and Single-Member LLC: Report on Form 1040, using Schedule C and Schedule SE.
• Partnership: The partnership files Form 1065, and each partner reports income from Schedule K-1 on Form 1040 using Schedule E.
• S-Corporation: The S-Corp files Form 1120S, and shareholders report income from Schedule K-1 on Form 1040 using Schedule E.
• C-Corporation: The C-Corp files Form 1120, and shareholders report income (dividends/salary) on Form 1040.

A tax return extension gives you extra time to file your federal income tax return. Instead of the standard due date (April 15), an extension allows you to file by October 15.

You can file IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, online or by mail. Many tax software programs also allow you to request an extension.

A federal tax extension only applies to your federal taxes. State tax extensions vary, and you may need to file a separate extension request with your state.

No, a tax extension only gives you more time to file your return. Any taxes owed are still due by the original deadline (April 15). If you don’t pay on time, you may face penalties and interest.

No, the IRS does not require you to provide a reason for requesting an extension.

No, you don’t need to attach Form 4868. The IRS will have your extension request on file.

Yes, but you’re required to make a reasonable estimate of your tax liability and pay as much as possible by the original deadline to avoid penalties.