Am I Eligible for Tax Debt Relief?


by Annie Beverly on January 10, 2019  0 Comment

Am I Eligible for Tax Debt Relief?
It's estimated 21 percent of the American workforce is in tax debt; many are not yet aware of it. The IRS is often willing to compromise to help individuals pay off their tax debts when they can afford it, and no sooner.  If you think your tax debt is too large to ever be cleared, you may be able to reach an Offer in Compromise with the IRS and pay back less than what you owe. When you owe money to the IRS, it can feel like your tax debt problem will never go away — but that isn't the case. Like any creditor, the IRS is willing to reach a compromise to make sure they collect what you can ...

Resolving Tax Debt From a Spouse


by Anna Chumakova on January 10, 2019  0 Comment

Resolving Tax Debt From a Spouse
Typically treated as a single unit, married couples can still separate their assets and liabilities for tax filing purposes. Your liability for your spouse's debt will be determined by your relationship status and how you filed your taxes.  Several filing strategies can help you protect your assets from being garnished because of your spouse's debt. In terms of the law, married couples are deemed as a single unit with shared income, assets, and liabilities. However, in the tax filing process, the distinction might be made between the two individuals, particularly when one spouse owes back taxes. Whether you are liable for your spouse's taxes will depend on the status of your relationship when the debt was incurred and how you ...

Handling Tax Debt in Your Divorce


by Shannon McKee on December 02, 2018  0 Comment

Handling Tax Debt in Your Divorce
Tax debt is considered part of your marital assets and liabilities during a divorce. The state you live in will determine how your marital assets and debts are split among the two parties going through the divorce. You may have to file this current year's taxes with your future ex if your divorce isn't finalized before the year is up. The end of a marriage can be a sensitive situation to handle. When a couple separates, they have decisions that have to be made, such as custody of children. The property gathered over the time of the marriage has to be divided between the spouses. All of the debt that a couple has together is also required to be divided ...

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