Filing status is a category that determines the tax rates and standard deduction amounts for individuals when they file their income tax returns. The five main types of filing status are Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er). Each status has specific eligibility requirements and can significantly affect the amount of tax owed. Choosing the correct filing status is important because it influences tax benefits, credits, and deductions. For example, Head of Household status often provides a higher standard deduction than Single status, which can lead to lower taxes. Understanding your options can help maximize your tax savings.