When it comes to tax time, filing taxes as “married filing separately” might seem like a simple way to keep finances tidy, but the tax code treats this status very differently than most couples expect. Before choosing it, it’s important to understand the hidden penalties that can quietly shrink deductions, erase credits and push your tax bill higher. Check Out: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Read Next: 9 Low-Effort Ways To Make Passive Income (You Can Start This Week) 1. C ...