Tag Archives: married filing separately

Married Filing Separately (MFS)) does not regard two spouses as unmarried single taxpayers. Married couples filing separately are prohibited from claiming some tax benefits by law. They include the education credits for American Opportunity and Lifetime Learning, the childcare credit for children and dependents, and the student loan interest deduction. The amount of Social Security […]

— Read more

When you file your tax return, ensuring you used the right filing status can make a big difference to your wallet. Depending on which status you use, you’ll be eligible for different credits and deductions, and how much of them you are entitled to. There are five filing statuses, and each one affects your tax […]

— Read more
General Filing

Newly Wedded at Tax Time

March 16, 2016

The wedding bells have rung, the rings exchanged, and now its tax season. So what exactly does that mean for you, a recently married taxpayer? First, you need to know how to file your return. You can use either married filing separately or married filing jointly, the latter which generally provides the lowest tax rate. […]

— Read more
Filing Status

The Low Down on Filing Statuses

February 11, 2016

There are five different filing statuses which you can use when completing your tax return. Each status qualifies you for different deductions and credits, so choosing the correct one is extremely important. Single Taxpayers who are unmarried, or considered unmarried for the entirety of the tax year are eligible to file under the single status. […]

— Read more

Using the status married, filing separately on a tax return is appropriate for couples who want to keep all of their financial records separate, including their income and expenses. However, if you chose to file separate tax returns, you may not miss out on important deductions and credits that are only available to married couples […]

— Read more

Once you get divorced, your taxes will change dramatically, as well as which status you use and the credits you are eligible for. If you are used to filing Head of Household status, a divorce can alter your eligibility to use that status to file at tax time. Head of Household status generally has a […]

— Read more
Filing Status

The Five Filing Statuses

March 4, 2015

How you file your taxes is typically determined by your marital status at the end of the year, and whether or not you have dependents who rely on you to provide housing. There are five separate statuses that you can use to file a tax return: single, married filing jointly, married filing separately, head of […]

— Read more

Married couples may find it easier to file one single joint tax return, especially if one spouse is responsible for a majority of the couple’s income. In cases where both spouses earn income, the option to file separately may be more beneficial in regards to providing a lower tax liability. However, couples should always figure […]

— Read more

There are five different filing statuses that you can use when completing your tax return. The requirements are different for each, and your ability to claim certain deductions changes with each one, so you need to examine each option carefully.

— Read more

Not only can using the right filing status affect how much you owe, but it can also affect which credits you are eligible to receive. In fact, the filing status you choose can even determine whether you have to file a tax return at all. For IRS purposes, anyone who is married on or before […]

— Read more