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Selecting the right tax filing status goes beyond basic marital status. For unmarried taxpayers with dependents, qualifying for head of household over single filer status can generate major tax ...
The head of household filing status was created in 1951 to acknowledge the additional financial burdens faced by single people caring for dependents. [ 3 ] [ 1 ] Consequently, it provides single parents and other people caring for qualifying dependents with a larger standard deduction and preferential tax rates compared to single filers ...
Determine if filing as head of household or single is better for you as an unmarried person and discover the qualifications and advantages of filing in each category.
Head of Household Filing Status: If you are an unmarried parent and can claim your child as a dependent, you may qualify to file as Head of Household. This filing status typically offers a higher ...
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
For individuals, section 1 divides income earners into categories depending on whether they are married individuals filing jointly, married individuals filing separately, unmarried individuals, surviving spouses, or heads of households. Section 1 sets forth the formula for what amount of taxable income must be paid to the United States.