There are several reasons why themarried-filing-separatelystatus is seldom chosen by couples. The biggest reason is the forfeiture of many major tax credits and deductions that are available to those who file jointly, such as:1 Child tax credit(half the married filing joint rate is available) ...
Getting married? Have you thought about how it will impact your taxes? You may need to select a tax filing status, adjust your withholding and sell your home.
and access to a Flexible Spending Account for some medical expenses (although I have to give priority to kids’ needs, since it is shared among all four of us). I have to pay more in income taxes if married filing jointly than if I filed as single (I’m not sure how it works...
If you're married, there are circumstances where filing separately can save you money on your income taxes.