Tax status refers to an individual's or entity's classification for tax purposes, which determines how much tax they owe. This classification can depend on various factors, including income level, filing status, and the type of income earned. Common tax statuses include single, married filing jointly, and head of household. Understanding your tax status is essential for accurate tax filing and compliance with IRS regulations. It affects eligibility for certain deductions, credits, and tax rates. Keeping track of your tax status can help ensure you pay the correct amount of taxes and avoid potential penalties.