Choosing MFS severs joint liability, meaning each spouse isn’t responsible for the information on the other’s return. This can be a deciding factor for some couples who are separated but not divorced and others who don’t want to commingle finances, even if it raises their taxes.

You feel great because you just filed your tax returns. What a relief! Then, just when you think all is well, you get a set of corrected 1099’s in the mail. So now, the returns you just filed report incorrect information. What do you do next? File amended returns, or play roulette and see if you get any notices? Sometimes, errors are best left to the IRS to correct, and sometimes not.