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How does my filing status affect tax deductions, credits and rates?

April 26, 2017affect Credits filing rates Status tax deductions

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How does my filing status affect tax deductions, credits and rates?

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Your filing status is an important factor in determining whether you are required to file, the amount of your standard deduction, and the amount of your tax liability. Your filing status also determines whether you can take certain deductions and credits. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) With Dependent Child. Different tax rates apply to different filing statuses. To determine your tax liability, use the column that applies to your filing status in the Tax Table or Tax Rate Schedule in the IRS forms package. The 2001 standard deductions are: Single, $4,550; Head of Household, $6,650; Married Filing Jointly or Qualifying Widow(er), $7,600; and Married Filing Separately, $3,800.