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Single taxpayers sometimes have the option to file as single or as head of household. You can save a lot of money if you qualify as head of household. Eligibility for tax credits and deductions are the same, but head of household filers receive a larger standard deduction and more generous tax brackets. Depending on your income, this could mean hundreds or even thousands of dollars in tax savings.
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Standard Deduction Savings
The IRS allows taxpayers to claim a standard deduction which lowers taxable income. Single filers are allowed a standard deduction of $6,300 for the 2015 tax year. while head of household filers receives a $9,250 deduction. This means the taxable income of a head of household filer will automatically be $2,950 less than that of a single filer. At the 15 percent tax bracket, that $2,950 difference results in a $442 savings. In the 30 percent tax bracket, it's a savings of $885 .
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