It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return.
Are you single, married or the head of your household? There are five filing statuses on a federal tax return. The most common are “Single,” “Married Filing Jointly” and “Head of Household.” The Head of Household status may be the one most often claimed in error.
The IRS offers these seven facts to help you choose the best filing status for you.
1. Marital Status. Your marital status on the last day of the year is your marital status for the entire year.
2. If You Have a Choice. If more than one filing status fits you, choose the one that allows you to pay the lowest taxes.
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