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The head of household status was created in 1951 by Congress through the Revenue Act of 1951. [3] It was created to provide tax relief to single-parent households, who previously faced the same tax rates as single people without children despite the additional financial obligations inherent in raising children.
With one child and parent filing singly or as head of household, as of 2020: [37] Tax credit equals $0.34 for each dollar of earned income for income up to $10,540. For income between $10,540 and $19,330, the tax credit is a constant "plateau" at $3,584.
For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or for those married filing separately; it also remains. Each year, taxpayers have the option of ...
A tax credit is a tax incentive which allows certain taxpayers to subtract ... $27,000 for heads of household, ... 2010). Credits for purchase of certain nonbusiness ...
While filing as head of household will give you a higher standard deduction than filing as single, check that you meet the necessary criteria before claiming it this tax season. FAQ
There's a lot you can be doing now to reduce the taxes you pay next year, based on tax changes for 2011. But did you know it's not too late to reduce the taxes you pay this year, when you file ...
The tax cuts enacted by this legislation were retroactive to January 1, 2003, and first applied to taxes filed for the 2003 tax year. These individual rate reductions are scheduled to sunset on January 1, 2011, along with the Economic Growth and Tax Relief Reconciliation Act of 2001 unless further legislation is enacted to extend or make ...
For example, in tax year 2024 the head of household 12% tax bracket is $63,100 (which is up from $59,850 in 2023) of taxable income compared with just $47,150 for single filers (which is up from ...
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