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Choosing an income tax filing status

Choosing an income tax filing status

Selecting a filing status is one of the first decisions you’ll make when you fill out your federal income tax return, so it’s important to know the rules. And because you may have more than one option, you need to know the advantages and disadvantages of each. Making the right decision about your filing status can save money and prevent problems with the IRS down the road. The five filing statuses and how they affect your tax liability Your filing status is especially important because it determines, in part, the tax rate applied to your taxable income, the amount of your standard deduction, and the types of deductions and credits available. By choosing the right filing status, you can minimize your taxes. The five filing statuses are single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. There are seven income tax brackets for 2019. Your tax rate depends on your filing status and the amount of your taxable income. For example, if you’re single and your taxable income is more than $9,700 but not more than $39,475 (in 2019), it’s taxed at a top rate of 12 percent. If you’re a head of

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