You
should file jointly as it is the most beneficial filing status for married
taxpayers. Generally, Married Filing
Jointly (MFJ) status allows
practically all credits and deductions if you qualify for them.
Married Filing Separately (MFS)
is usually the most expensive method of filing taxes. The tax rate is higher,
many credits are disallowed, such as Earned Income Credit, Child and Dependent
Care credit, Education credits, etc. Numerous deduction are reduced or
disallowed as well. It would be very rare for the MFS status to reduce tax
burden.
For a detailed comparison of both
statuses, please click here.
