Married Filing Separately

Filing Status
Filing Status for tax purposes governs the form of return used and may affect the rate at which income is taxed and eligibility for various credits and deductions.
Married Filing Separately
Married Filing Separately (MFS) is a filing status option for married taxpayers who wish to be responsible for their individual tax returns.
Separate (Tax) Return
A 'Separate (Tax) Return' refers to the option for married couples to file their tax returns individually rather than jointly, which may offer different tax benefits and considerations.
Tax Status Election
Selection of filing status available for state and federal income taxes, including options for both individuals and businesses, significantly impacting tax obligations.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.