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.
One issue that is often overlooked is the allocation of estimated tax payments to the taxpayer's and spouse's income tax returns, when they file separate returns in the year of the divorce.
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.
This tax applies to taxpayers filing joint returns or surviving spouses with modified adjusted gross income (MAGI) over $250,000, married individuals filing separate returns with MAGI over $125,000, and all other individuals with MAGI over $200,000.
The Secretary of the Treasury has until December 15 of each calendar year to publish new tax rate schedules (for joint returns, separate returns, single returns, head of household returns, and for returns by estates and trusts) that will be effective for taxable years beginning in the subsequent calendar year.
If an individual and his/her spouse file separate returns, each should each report only his/her own income, exemptions, deductions, and credits on their individual return.
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.
The other states that impose corporate income taxes either give affiliated corporations the option of filing separate returns or electing to file a state consolidated return (e.
If you're married, you might explore the option of filing separate returns rather than a joint return.