The Benefit of Filing Head of Household

If you qualify to file your tax return using the head of household status, you may find some benefit to doing so. Generally, head of household status has a lower tax rate ad a higher standard deduction for filers than either single or married filing separately.

There are five different filing statuses that you can use when you file a tax return. There are a few distinguishing factors that can help you decide which status is right for you. Your tax bracket, the amount of the standard deductions, and specific credits that you may qualify for are all dependent on the filing status you use.

The different tax filing statuses available are: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er). If you want to file as Head of Household, you have to meet a few requirements. On the final day of the tax year, you have to be considered unmarried, and have paid more than 50% of the expense of maintaining a home for yourself and another person for more than six months of the year.