Post by BIG Financial and Advisory Services - Business Improvement Group

Married filing separately is an option available to all married individuals when choosing a filing status for their federal income tax returns. Your filing status is important because it determines, in part, the amount of your standard deduction, the deductions and credits that are available to you, and the amount of your correct tax for the year. When filing a joint return, you and your spouse combine all income, exemptions (personal exemptions are permanently suspended), deductions, and credits. When filing separate returns, you report and pay tax only on your own income and take credit only for your own deductions and credits.