6 Strategies To Help You Prepare for Tax Season as a Head of Household Woman

As a financial advisor and CERTIFIED FINANCIAL PLANNER™ professional, I work with women navigating major life transitions—whether that’s stepping into the role of head of household, managing finances after a divorce, or adjusting to life as a widow.

And I’m sure it comes as no surprise that tax season is one of those times during these big life transitions when the financial details can feel incredibly overwhelming.

Trust me, I get it.

But with the right preparation, it’s also an opportunity to take charge of your financial future and uncover potential savings.

Whether you’re filing as head of household for the first time or simply want to feel more confident about your taxes, here are six strategies (and things you may not know!) that will help you approach this tax season with clarity and confidence.

1. Understand Your Filing Status

As a head of household, you may qualify for certain tax benefits, such as a higher standard deduction and lower tax rates compared to filing as single. To qualify, you must:

• Be unmarried or considered unmarried as of the last day of the tax year,

• Have paid more than half the cost of maintaining your home, and

• Have a qualifying dependent living with you for more than half the year (exceptions apply).

Make sure you select the correct filing status to maximize your tax advantages.

2. Gather All Necessary Documents Early

Staying organized can reduce stress and help you avoid costly mistakes. Create a checklist of documents you’ll need, including:

• W-2s or 1099s for earned income,

• Statements for retirement distributions or Social Security benefits,

• Investment income documents (1099-DIV, 1099-INT, etc.),

• Receipts for deductible expenses, such as medical costs or charitable contributions, and

• Information on child-related credits (childcare expenses, tuition, etc.).

Organizing these documents early ensures nothing is missed when it’s time to file.

3. Explore Tax Credits and Deductions

As the head of your household, you may qualify for credits and deductions that can significantly lower your tax bill:

• Child Tax Credit: For dependents under 18.

• Child and Dependent Care Credit: For childcare expenses while you work or attend school.

• Education Credits: Such as the American Opportunity Credit or the Lifetime Learning Credit for tuition or training.

• Medical Expenses Deduction: If they exceed 7.5% of your adjusted gross income (AGI).

• Charitable Contributions: For cash or in-kind donations.

Tax software or a professional can help ensure you take advantage of these opportunities.

4. Help Protect Yourself from Overpayment

Divorce or widowhood can bring unique challenges, including changes to your tax withholdings. If your marital status changed last year, review your paycheck withholdings and estimated payments. Overpaying taxes throughout the year may result in a refund, but it’s better to adjust upfront to keep more cash in your pocket.

If you’re unsure how your income and deductions will affect your tax liability, consult a tax professional for guidance.

5. Plan for the Future: Retirement Contributions

One of the best ways to reduce your taxable income is by contributing to retirement accounts. If you’re eligible, consider maxing out contributions to:

• Traditional IRAs or 401(k)s for pre-tax benefits, or

• A Roth IRA if you prefer tax-free withdrawals in retirement.

Even if you’re behind on retirement savings, starting or increasing contributions now is a step in the right direction—and may lower your current tax bill.

6. Get Professional Support

Taxes can be complicated, especially when life transitions—like divorce or widowhood—add new layers to your financial situation. A qualified tax professional or financial advisor can help you:

• Understand your unique tax situation,

• Identify opportunities to save, and

• Avoid costly errors.

As a financial advisor, I regularly partner with tax professionals to create holistic strategies for my clients. Together, we can help make sure your finances are not only tax-efficient today but also set up for long-term success.

I know that preparing for tax season may feel like a daunting task, but it’s also an opportunity to take control of your finances and build confidence in your financial future. By understanding your filing status, exploring deductions and credits, and getting organized, you can file with confidence and possibly uncover valuable savings.

If you’d like help reviewing your financial strategy in light of this tax season—or beyond—I’d love to help. Together, we can create a plan that aligns with your goals and puts you in the best position for success. Please don’t hesitate to reach out or book a complimentary financial consultation with me.

Please Note: The information contained in this newsletter does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Lauren Smith and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Past performance does not guarantee future results. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. Like Traditional IRAs, contribution limits apply to Roth IRAs. In addition, with a Roth IRA, your allowable contribution may be reduced or eliminated if your annual income exceeds certain limits. Contributions to a Roth IRA are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.