What Is Head of Household Filing?
Of the various filing status options offered by the IRS, head of household is considered the most advantageous. Numerous rules apply to qualify, but if you do, it will mean a higher standard deduction and wider tax brackets compared to single filing status. Here's what you need to know:
Your filing status determines the amount of your standard deduction, as well as the tax rates you'll pay on your income. The head of household standard deduction for 2019 is $18,350. Contrast this with single filers and married individuals who file separate returns: $12,200 for each.
Note that this is just an introduction and there are a lot more rules — and exceptions. As the year progresses and you think you might be eligible for head of household filing status, consult with a qualified professional and be sure to adjust your paycheck withholding amounts accordingly.
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