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.
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.
Selection of filing status available for state and federal income taxes, including options for both individuals and businesses, significantly impacting tax obligations.
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