Lloyd Grissinger, Tax Practice Leader and Lead Managing Director for the Memphis office, was recently featured in an article from GoBankingRates regarding the ’15 Biggest Tax Problems for Single-Income Families’.
Single-income families can face a variety of problems at tax time. These problems can lead to smaller refunds or bigger tax bills. This article outlines 15 problems that single-income families might face, and what they can possibly do to avoid the problem or lessen the impact.
In regards to filing single versus head of household, Grissinger said "single parents can hurt themselves at tax time if they file as a single taxpayer rather than head of household.” He added, “to qualify as head of household, you must be not married, pay more than half the cost of housing for a year, and have your dependent live with you more than half the year.”
Lloyd also comments on different tips and tax benefits for single-income families cautioning individuals to track any and all information related to the donations.
To read the full article on GoBankingRates.com, click the button below.
If you have more questions regarding filing for single-income families, contact Lloyd at firstname.lastname@example.org or 901-685-5575.