Katie and Rob were married in 2010. Katie and Rob lived together until February 2020, when Katie left Rob to go live with her new boyfriend. Katie and Rob are not divorced or legally separated as of December 31, 2020. Rob has a daughter, Emily, who is a dependent child (qualifying child) of Rob and lived with Rob for all of 2020. Rob paid all costs of maintaining the home for him and Emily for all of 2020. Rob does not know where Katie is, and he would not be able to get Katie to sign anything. What would be the most beneficial filing status that Rob could use for 2020? Assume Rob has taxable income of $300,000.

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Taxes and Financial Planning

Financial planning is the process of achieving one's financial goals and objectives in a step-by-step manner. Financial planning aids in the management of one's income, expenses, assets, and investments. It generates enough liquidity to cover short-term financial needs. Tax planning is one of the most important aspects of financial planning because it contributes to higher returns while lowering tax liability. Tax planning ensures financial growth for investors and assesses their financial situation from a tax standpoint.