Kuwanakia Services ltd.

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KJB Tax Group ltd KJB Tax Group

Tax Tip Tuesday 📝 ‼️

The main differences between *Single* and *Head of Household* filing statuses are:

1. Eligibility:

- Single: You must be unmarried or legally separated at the end of the tax year and not qualify for any other status.

- Head of Household: You must be unmarried or considered unmarried, have paid more than half the costs of maintaining your household, and HAVE A QUALIFYING DEPENDENT LIVING WITH YOU FOR MORE THAN HALF THE YEAR.

2. Tax Rates:

- Head of Household: Typically benefits from lower tax rates and a higher standard deduction than the Single filing status.

3. Standard Deduction (2024):

- Single: $14,600 ($13,850 in 2023)
- Head of Household: $21,900 ($20,800 in 2023)

If you qualify, filing as *Head of Household* can result in lower taxes compared to filing as *Single*, which would result in a larger tax refund for Head of Household filers.‼️‼️