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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