Ads
related to: tax filing status dependentstaxpayerrelief.org has been visited by 10K+ users in the past month
Search results
Results From The WOW.Com Content Network
If you are not married on December 31, your filing status could be either single or head of household — single if you have no dependents, and head of household if you have qualifying dependents.
This filing status typically offers a higher standard deduction and lower tax rates compared to filing as Single. Education Tax Credits: If your dependent child is in college, you may be eligible ...
An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. [16] The status can determine the correct amount of tax, whether the taxpayer can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. [17]
In this example, the difference in taxes owed based strictly on filing status is the difference between $5,460 and $4,390. That is a savings of $1,070, just for selecting head of household versus ...
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 ...
Married Filing Jointly Standard Deduction: When filing with the married filing jointly tax-filing status, a couple can take a standard deduction of $24,800 for 2020. Learn More: 9 Tax Tips Every ...