Phillip Financial Tax & Accounting

What does it mean to file " married filing separately"

Many people opt to file separately even though they are married. Many times this is done in an effort to keep the finances separate from your spouse kind of deal. Additionally, if immigration paper work is in play then there are only two tax filing options: married filing joint and married filling separately in order to not jeopardize qualifications.

In these cases, it is NOT in your best option to file married filing separately because you become ineligible for certain credits:

1. If you own a home with tax deductible mortgage interest.

2. If you are a full time student in school.

3. If you have a dependent (you will lose earned income credit and child tax credit is reduced)

And it doesn't stop there, however those are the most common ones.

Give us a call to discuss or leave a question or comment below.

Are you wondering which parent should claim the child on their taxes in order to receive the maximum refund and/or tax credits.

Tax Tip # sub topic: Green Card
If you are married, please do not file head of household.

Thank you to this awesome tax team. Job well done!!