Married couples don’t always agree – and taxes are no exception. In certain cases, an “innocent” spouse can apply for relief from the responsibility of paying tax, interest and penalties arising from a spouse’s (or former spouse’s) improperly handled tax return. Although it isn’t easy to qualify, potentially affected taxpayers should review the rules. Applicants [...]
Like many people, you probably feel a great sense of relief wash over you after your tax return is completed and filed. Unfortunately, even professionally prepared and accurate returns may sometimes be subject to an IRS audit. The good news? Chances are slim that it will actually happen. Only a small percentage of returns go [...]
Love and marriage – according to the song, they go together like a horse and carriage. But matrimony can leave some couples singing a sad tune when they encounter the ominously name “marriage penalty.” However, for other couples, marriage brings tax-saving opportunities. IN A NUTSHELL When tax brackets for married couples aren’t twice as big [...]
There are virtually countless charitable organizations to which you might donate. You may choose to give cash or to contribute noncash items such as books, sporting goods, or computers or other tech gear. In either case, once you do the good deed, you owe it to yourself to properly claim a tax deduction. No matter [...]
Tax-related fraud isn’t a new crime, but tax preparation software, e-filing and increased availability of personal data have made tax-related identity theft increasingly easy to perpetrate. The IRS is taking steps to reduce such fraud, but tax payers must play their part, too. HOW THEY DO IT Criminals perpetrate tax identity theft by using stolen [...]
It may not be as high on the wedding plan checklist as the venue, invitations, and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding. Name change. Any time names are changed, it should be reported to the Social Security Administration (SSA). The name associated [...]