Married Filing Separately
Married filing separately is a tax status for married couples who choose to record their respective incomes, exemptions, and deductions on separate tax returns. There is a potential tax advantage to filing separately when one spouse has significant medical expenses or miscellaneous itemized deductions or when both spouses have about the same amount of income.
Original Article Source Credits: Investopedia , https://www.investopedia.com/
Article Written By: JULIA KAGAN
Original Article Posted on: Mar 8, 2021
Link to Original Article: https://www.investopedia.com/terms/m/mfs.asp