Married Filing Separately

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Married Filing Separately

A filing status in which a married couple files individual tax returns instead of a single return. When two spouses file separately, each is taxed like a single individual. This usually results in a higher combined tax liability, but it may be advantageous if one spouse has significantly higher expenses or deductions.

Married Filing Separately

A filing status that can be used by married taxpayers who choose to record their respective incomes, deductions, and credits on separate individual tax returns.
References in periodicals archive ?
Foreign companies will receive separate returns for their investment and for anything they do without paying tariffs, customs or even worker insurance.
When a couple have filed joint returns in the past and file separate returns in the current year due to a divorce, estimated tax payments for the current year are typically credited to the first person listed on the previous year's joint tax return.
If you're married, check to see if filing separate returns is more beneficial than a joint return.
6,100 for singles and married individuals filing separate returns.
BAHRAIN's national youth volleyball team and national table tennis team were yesterday treated to a hero's welcome upon their separate returns from their respective competitions held overseas.
In essence, the separate liability of each joint filer is determined by allocating income and deduction amounts as if separate returns were filed (but without considering any of the deduction or credit disallowances that would apply if separate returns were actually filed) (Sec.
The purpose was innocent enough--it was a recent divorce, and the CPA wanted to double check that they both weren't claiming the same estimated taxes on their separate returns.
Going via Birmingham and buying separate returns to Birmingham and Birmingham to Manchester costs only pounds 109 - a hefty pounds 93 saving.
The determination of the tax character of section 1231 sales can only be done after all the separate returns are completed.
If you're married, you might explore the option of filing separate returns rather than a joint return.
In a few, somewhat unusual situations, married couples could have a lower combined tax liability by filing separate returns rather than by filing a joint return.
Moser said children can file separate returns, or parents can report the child's income on the parents' return, which has its advantages and disadvantages.