Monday, July 21, 2014

Head of Household Filing Status

The head of household filing status is more favorable than the single status due to lower tax rates on the same level of income. To qualify though you have to meet 4 tests: not married or considered unmarried, pay more than half the cost of keeping up the home, the home has to be the principal residence of your qualifying child or your dependent qualifying relative for more than half the year, and you are a US citizen or resident.

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