Filing Status for tax purposes governs the form of return used and may affect the rate at which income is taxed and eligibility for various credits and deductions.
A Head of Household tax filing status applies to unmarried taxpayers who maintain a home as the principal residence for a designated dependent. This status offers a lower tax rate than Single filers and provides significant tax benefits.
Marital status refers to the legal standing of an individual's relationship in the eyes of the law, which directly impacts the kind of tax return they file. This can be single, joint, married filing separately, or head of household. Different tax rates and benefits apply to these various statuses.
A filing status option for taxpayers who are married to each other and agree to report their combined income and deductions. For a given level of income, filing jointly typically results in a lower tax than filing separately. *However, see Marriage Penalty*.
A single taxpayer is an individual who files taxes separately from others, and who does not qualify as a head of household or a qualifying widower; they fall into the 'single' filing status category, one of several classifications used by the IRS to determine tax liability.
Selection of filing status available for state and federal income taxes, including options for both individuals and businesses, significantly impacting tax obligations.
An unmarried taxpayer is a taxpayer who is single, has obtained a final decree of divorce or separate maintenance, or a decree of annulment by the last day of the tax year. They are considered unmarried for the entire year.
