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Should couples file taxes separately?
While filing separately is an option for couples, filing jointly typically results in a lower overall income tax bill and may make it easier to prepare your taxes. However, filing separately can benefit couples if one spouse has outstanding debt or tax issues.What is Married Filing Separately?
Married filing separately is one of five tax filing statuses available to taxpayers. Under this status, each spouse files their own tax return instead of one return jointly. Instead of combining income, each person separately reports income and deductions. You must be married to use this status.Should married couples file together or separately?
While most married couples benefit from filing together thanks to the tax breaks the IRS offers, there are times when filing separately may be the better choice. Here's how to tell which filing status could work best for you. What are the benefits of Married Filing Jointly? What about Married Filing Separately?