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Married Couples and Myths about their Taxes
By Darrin Mish of Law Offices of Darrin Mish
Word is circulating that a large percentage of people in the United States actually pay more taxes than they are supposed to. Many people disagree with this scenario because this is similar to giving away your hard-earned money. Fortunately, there are measures to take to refrain from getting into this situation. More so, having an offensive plan is better than fighting fires as they arise. The more money you will save and the better advantage you will have if you are more informed about your rights as a tax payer. Although it is not the same for everyone, many people eventually gain a basic understanding of their taxes and the procedures in filing them on an individual basis. However, after getting married, they forget that there will also be adjustments in their tax status. Aside from not updating themselves with the different tax benefits, people are misinformed as well; these misconceptions come from their parents who also did not know the real score. Perhaps the most common misconception is thinking that married individuals are only responsible for fifty percent of the taxes owed in the joint income tax return. While this line of thinking has a reasonable bearing, the IRS outlines different set of rules for this type of income tax return. When you apply for a joint income tax return, you and your spouse are both bound by several joint legal responsibilities. This implies that if one party decides to leave, the other is obliged to pay the entire amount of taxes due. Another commonly-held misconception is that when you marry someone who already owes money from the IRS, that debt is considered separate property debt and you are not responsible for it. This is not entirely true, especially if you reside in one of the nine community property states in the country. Once you get married, all of your assets and incomes become community property. This is loosely interpreted to mean that half of her income is yours, and vice versa. If for some fateful reason the debt is not paid, the IRS will be able to levy half of your paycheck to pay for the remaining tax bill. In addition, refunds which you could have claimed will be forfeited as the IRS will utilize that amount to cover for unpaid taxes. Along with commonly-held beliefs regarding taxes and marriage, there is also a great deal of misconceptions pertaining taxes and divorce. They believe that the divorce will shield them simply because any tax due will be fully shouldered by the ex-spouse. The truth is, although you and your spouse may have signed a divorce decree, the IRS does not and won't honor any divorce decree contracts. If for any reason there is any amount of tax debt, the IRS will decide to pursue the party who is the easiest to be located, or whichever person they deem to have the most amount of money. However, you can benefit from the divorce decree if you contact a lawyer to help you take courses of action (related to IRS issues) against your ex-husband or ex-wife. |
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