MANAGEMENT

Detailed explanation-1: -Joint filers can’t file as heads of household but receive better standard deduction amounts as well as wider tax brackets. Joint filers have a standard deduction twice as large as single filers and roughly 33% larger than heads of household ($25, 900 vs. $19, 400 for 2022).

Detailed explanation-2: -What is Married Filing Jointly? Married taxpayers who choose to file a joint return will use one return to report their combined income and to deduct combined allowable expenses. Married taxpayers can select this status even if one of the spouses did not have any income or any deductions.

Detailed explanation-3: -Head of household (HOH) filing status allows you to file at a lower tax rate and a higher standard deduction than the filing status of single. But to qualify, you must meet specific criteria. Choosing this status by mistake may lead to your HOH filing status being denied at the time you file your tax return.

Detailed explanation-4: -What is the best filing status for a single person? In terms of standard deductions, head-of-household status is the best filing status for a single person because it offers the biggest standard deduction.