I'm Lorenzo Hardy
Independent Financial Adviser for 12
years.Licensed by the National Association of Securities Dealers, the Securities and Exchange Commission as a Registered Investment Adviser on the federal level.

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There are two things that are certain in life: Death and Taxes! I have been preparing tax returns for the past 15 years and have never met anyone who totally understands the tax code. Not even the people that work for the I.R.S. So I won’t bore you with a lot of regulations and rules that you’ll never remember. But I want to explain how this system is supposed to work.

First there are these categories that every person must fit into called filing statuses. There are 5 of them:

  1. Single (it’s just you and nobody else)
  2. Married filing jointly ( you file both incomes together, love is so sweet)
  3. Married filing separately (one person owes a debt and you don’t want to help pay)
  4. Head of Household (must have someone live in the home with you, not your pet)
  5. Qualifying Widower (spouse died and children are under 18 and has not remarried)

You can only be one, no matter if you think you could be two!

Next they have this dollar amount they give you for just filing your taxes. It’s called an exemption and last year the amount for every person was $3,500. It goes up about $100 every year, hopefully President Obama might double it. This isn’t money that you get but it lowers the amount that you made in gross wages

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