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The head of household status was created in 1951 by Congress through the Revenue Act of 1951. [3] It was created to provide tax relief to single-parent households, who previously faced the same tax rates as single people without children despite the additional financial obligations inherent in raising children.
The Internal Revenue Service states that your marital status on December 31 of the previous calendar year is your tax filing status for that entire year. See: 3 Ways Smart People Save Money When ...
For example, in tax year 2024 the head of household 12% tax bracket is $63,100 (which is up from $59,850 in 2023) of taxable income compared with just $47,150 for single filers (which is up from ...
The head of household status can lead to a lower taxable income and greater potential refund, but to qualify, you must meet certain criteria.
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
Process Head-of-Household without Dependents or with “Clean” Dependents returns; Process Annual Archiving of tax returns; Process Limited Name Changes on Tax Returns; Process 1040 Schedules A, B, and R; Process 1040A Schedules 1, and 3; Ability to match tax return data to Social Security Administration (SSA) information for verification.
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