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If you are not married on December 31, your filing status could be either single or head of household — single if you have no dependents, and head of household if you have qualifying dependents.
For example, the standard deduction for the 2022 tax year is $12,950 ($13,850 in 2023) for single filers. The deduction for taxpayers who are married and file jointly is $25,900 ($27,700 in 2023).
An individual's tax liability depends upon two variables: the individual's filing status and the taxable income. [16] The status can determine the correct amount of tax, whether the taxpayer can take certain tax deductions or exemptions that could lower the final tax bill, and even whether one must file a return at all. [17]
Be unmarried or considered unmarried at the end of the year; Have paid more than half the cost of keeping up a home for the tax year (either one's own home or the home of a qualifying parent) Usually have a qualifying person who lived with the head in the home for more than half of the tax year unless the qualifying person is a dependent parent
Maximize Tax Deductions and Credits. ... Single: Unmarried with no dependents. Head of Household: Unmarried with a dependent child. Married Filing Jointly: Couples submitting a combined tax return.
A taxpayer can generally choose either an automatic standard deduction or itemized deductions. An unmarried individual filing a tax return under single or head of household status can choose the deduction method that is most beneficial, but a married couple will be required to use the same deduction method in most cases (Title 26 U.S. Code §63 ...
The standard deduction is a fixed deduction that varies depending on your filing status, age and dependent status. This year, the standard deduction is $12,950 for those filing single or married ...
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
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