By Capt. Orlando Aquino-Segarra, Vicenza Tax Center OICFebruary 5, 2019
VICENZA, Italy (February 5, 2019) -- Vicenza Tax Center personnel are already busy preparing tax returns and will host a grand opening ceremony Feb. 13.
Center personnel would like to remind the community that taxpayers can get free tax assistance and useful tips by consulting our trained professionals. It is our highest priority to prepare and file your income tax returns accurately and in accordance with all IRS guidance and revenue findings.
A taxpayer's filing status is determined on the last day of the tax year--Dec. 31. Picking the right filing status may save you money on your final tax bill. The five filing statuses include the following: single, married filing jointly, married filing separately, head of household and qualifying widow(er) with a dependent child.
In some cases, a taxpayer may qualify under more than one filing status. If that happens, the taxpayer should elect the most advantageous filing status, resulting in the lowest tax bill. If you and your spouse wed anytime during 2018, you will be considered married for the entire year for tax purposes. That means neither spouse is eligible to file as a single taxpayer. Instead, two of your filing options are "married filing jointly," which combines incomes and allowed deductions on one return. "Married filing separately" means you and your spouse will file separate returns. Deciding which filing status is right for you and your family can be confusing, so consider the following tips when navigating this issue.
Filing jointly often makes the most financial sense as you qualify for a larger standard deduction and have higher income thresholds for various tax exemptions and credits. A taxpayer may become ineligible and lose valuable tax exemptions or credits by filing a separate tax return. When a married couple files jointly, however, each spouse is individually responsible for the accuracy of the information on the return and for any tax obligation, interest charges or penalties.
Filing separately may be a better financial choice when one spouse has a large itemized deduction (e.g. medical expenses). Alternatively, filing separately may be a better legal choice when one spouse wants to keep their tax liability or responsibility separate.
There are pros and cons with both filing statuses--married filing joint and married filing separate. The Vicenza Tax Center can assist by looking at your individual tax situations and exploring options to determine what filing status will be most beneficial for you.
Please stop by the office for additional information. The Vicenza Tax Center is located in the Office of the Staff Judge Advocate on Caserma Ederle in Building 166. Hours of operation are Monday, Tuesday, Thursday and Friday, 8:30 a.m.-noon and 1-3 p.m.
The satellite location at Caserma Del Din will be located in the Company Operations Building, Building 50. The Del Din Tax Center will be open Wednesdays beginning Feb. 20, from 9 a.m. to noon.