"Married Filing Separately" is a tax filing status for married couples who choose to file their income tax returns separately rather than jointly. This option allows each spouse to report their own income, deductions, and credits, which can be beneficial in certain situations, such as when one spouse has significant medical expenses or miscellaneous deductions. However, choosing this status may limit some tax benefits. For example, couples filing separately cannot claim certain credits, like the Earned Income Tax Credit, and may face higher tax rates. It's important for couples to evaluate their financial situations to determine the best filing option for them.