One of the most common tax filing statuses is a single filer. Most often used by individuals not married and not qualifying for HOH status, this tax status often has a lower standard deduction and lower tax thresholds compared to other statuses. However, single filers may have less paperwork ...
5.The problem comes from out-of-date standard deduction amounts for married and single tax filers in the 2023 tax bill language, according to the Department of Revenue. 6.Thanks to tax legislation from the ’90s, a gain of up to $250,000 for a single tax filer or $500,000 for a ...