Filing status

Filing status refers to the category you choose when filing your tax return that determines your tax rates and eligibility for certain deductions and credits. The main statuses are Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er). Your filing status is based on your marital status and family situation as of the last day of the tax year. It affects how much tax you owe and can influence your refund or amount owed. Choosing the correct filing status is essential for accurate tax filing and optimizing tax benefits.