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Tax Tip of the Week

Summary by The Somerville Times
By Vincent Hicks, CPA Q: I’m unmarried – does it really matter if I file as Head of Household instead of Single? A: Yes, it can make a huge difference! For 2024, the standard deduction is $21,900 for Head of Household vs. $14,600 for Single , a $7,300 advantage. Plus, you get wider tax brackets, meaning more income is taxed at lower rates. To qualify, you must: Be unmarried (or considered unmarried) at year-end Pay over half the cost of your ho…
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The Somerville TimesThe Somerville Times

Tax Tip of the Week

By Vincent Hicks, CPA Q: I’m unmarried – does it really matter if I file as Head of Household instead of Single? A: Yes, it can make a huge difference! For 2024, the standard deduction is $21,900 for Head of Household vs. $14,600 for Single , a $7,300 advantage. Plus, you get wider tax brackets, meaning more income is taxed at lower rates. To qualify, you must: Be unmarried (or considered unmarried) at year-end Pay over half the cost of your ho…

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The Somerville Times broke the news in on Saturday, April 5, 2025.
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