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Your filing status determines which standard deduction amount and which tax rates are used when calculating your federal income tax for the year, so it pays to quantify these gray areas and get it right.

Single is just one of five filing status options available to you and at least one other is much more advantageous.

In addition to being unmarried and being able to claim a qualifying dependent, head of household filers must pay more than half the expenses of maintaining their households.

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