|
  |
|
|
Taxes, Marriage and Divorce
By Darrin Mish
In reality, there is a high percentage of people in the United States who pay the IRS more than they really need to. Why would you throw away your hard earned money to the government when you won't get anything in return? Fortunately, there are measures that you can take to hold onto more of your own money. Like many other aspects in life, sometimes the best protection or defense is a great offense. Moreover, the more educated you are, the higher are your chances of keeping your hard-earned money. People basically have a good picture of their tax requirements and benefits on an individual basis. But when they get married, people usually overlook the benefits and the different filing procedures that come with this change in status. They usually disregard the importance of orienting themselves with these pieces of information, and even believe in twisted facts which are mostly obtained from those who are also misinformed about IRS guidelines. One of the usual misunderstandings is that when you are married, you are solely responsible for your half of the taxes in your joint income tax return. Although this makes sense, the opposite is true in this situation. Once you have filed a joint income tax return, you are bound by the stipulations in that contract. That contract includes joint and several legal responsibilities for you and your spouse. If one party decides to leave, the other party is completely responsible for all taxes due. People also go on thinking that if they marry someone who has previous tax debts from the IRS, they cannot be obligated to help pay for it. This may be true for some states. However, if you reside in one of the nine community property states, this scenario is not applicable. IRS guidelines on those states outline that assets and income of married couples become community property. This is another way of saying that fifty percent of his/her income is yours and half of yours is hers/his. If your spouse cannot keep her/his end of the deal, then the IRS actually has the right to levy half of your income to cover for the remaining tax due. On top of this, the IRS can utilize any refunds that could have been given to you as a result of joint income tax returns to pay for the remaining debt. People also hold a number of misconceptions on the effects of divorce on your taxes. They believe that the divorce will shield them simply because any tax due will be completely shouldered by the ex-spouse. The truth is, although you and your spouse may have signed a divorce decree, the IRS doesn't and will not honor any divorce decree contracts. They can still pursue the person who is easier to locate and whom they deem has more money in cases when tax debts are not completely settled. 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. |
|
 |
|
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
nice intel
The copyright for this content entitled "Taxes, Marriage and Divorce" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
