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What's Your Filing Status?
Filing status determines a person's standard deduction and tax rates. So choosing the right filing status for your situation is essential for making sure your taxes are as low as possible. You have one and only one filing status. Your filing status is determined in large part by whether you were considered married at the end of the year.
What is a Filing Status?
A person's filing status acts as a sort of switch. Filing status determines which tax rates and which standard deduction amounts apply to a specific tax return.
In other words, two people making exactly the same amount of income could have different tax calculations due solely to a difference in their filing status.
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