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Itemized DeductionItemized Deduction
Standard DeductionStandard Deduction
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Tax CreditTax Credit
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W-2W-2
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Tax Status

Definition

Your classification for tax purposes, such as single, married filing jointly, or head of household, which affects your tax rates and deductions.

What to consider

  • Check your paycheck to ensure the right amount is being withheld.
  • Adjust your allowances if your situation changes.
  • Avoid under- or over-withholding to manage your tax bill.

Real world scenarios

  • After marriage, Danielle updates her tax status from single to married filing jointly. She reevaluates potential benefits in combined deductions.
  • Ricardo, unmarried but supporting a child, checks if head-of-household status applies for a lower tax bracket.
  • Life changes—like divorce or adoption—prompt a reevaluation of tax status to ensure correct filing and potential refunds.

Related terms

Child and Dependent Care Credit
Capital Loss
Tax Loss Harvesting
Earned Income Tax Credit (EITC)
Tax Refund

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Taxes
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