An “innocent spouse” may be able to escape tax liability.
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the …
Boost Your Business’s Bottom Line: Tax Saving Strategies for Business Owners
As a business owner, maximizing your tax deductions and implementing effective tax-saving strategies can significantly impact your bottom line. With the complexities of business taxation, it is essential to stay …
How to Compile a Marital Balance Sheet in Divorce
Divorce is difficult for almost everyone. Being organized can help facilitate the process. We’ve created a Marital Balance Sheet (Excel) file you can download to help you with the first …
Business Partners Pay Attention to Income Tax Quirks
If you’re a partner in a business, you may have encountered a situation that gave you pause. In any given year, you may have been taxed on more partnership income …
Unlock the Mystery of Estimated Tax Payments: When, Why, and How Much to Pay
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you have taxable income …