Tuesday, August 5, 2008

Tax Break -Part 2

Another tax break in filing status is filing as head of household. This can save you quite a bit of money on taxes. In order to qualify for the lower rates, and other benefits, you must meet the following requirements:

1.You must be unmarried or considered unmarried on the last day of the year.

2.You paid more than half the cost of keeping up a home for the year; and

3. A "qualifying person" lived with you in the middle for more than half the year. But if the qualifying person is your dependent parent he or she does not have to live with you.

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