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 detailed explanation of the qualifying person criteria for obtaining the Head of Household filing status for federal income tax purposes.
Selection of filing status available for state and federal income taxes, including options for both individuals and businesses, significantly impacting tax obligations.
