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We frequently receive the question from married couples about whether they should file Joint or Separate on their taxes. So, what's the best filing status for you?
More often than not, it makes sense for married couples to file Joint, instead of filing Separate. When you file separately, your tax rate is higher and you lose the ability to claim certain benefits such as education benefits, earned income credits, child and dependent care credits (in most cases), and several others.
However, there are some rare circumstances when filing separate can be advantageous. Here is a list of some instances when you might file separately.
The above list is not all-inclusive as there are other rare situations when filing separately can make sense.
As always, feel free to contact us with your tax questions... we're happy to help!