Head of Household
The term "Head of Household" refers to a tax filing status in the United States that allows certain individuals to benefit from a higher standard deduction and more favorable tax rates. To qualify, a person must be unmarried or considered unmarried, have a qualifying dependent, and pay more than half of the household expenses.
This status is often used by single parents or individuals who support a dependent relative. It can provide significant tax savings compared to filing as a single taxpayer. Understanding this status can help individuals maximize their tax benefits and financial planning.