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“For example, a head of household pays a 10% tax rate on income up to $14,100 compared to $9,875 for single filers, and 12% on income up to $53,700 vs. just $40,125 for single filers,” CNBC adds.

However, if you can claim status as a head of household, then your tax is just $6,838 -- or $1,400 less. In addition, certain other tax provisions favor head of household status.

If you are not married on December 31, your filing status could be either single or head of household — single if you have no dependents, and head of household if you have qualifying dependents.

What are the benefits of being a head of household filer? Filing as a head of household essentially states that you have other members of your household who rely on you financially. If you are in ...