When a husband or wife cheats on taxes, guess who is liable for the unpaid taxes and penalties? The answer is that BOTH spouses are legally responsible. However, there is a ray of hope for the innocent party. Thanks to new guidance given by the IRS, it’s now easier for the non-cheating spouse to avoid financial responsibility. I hope your spouse is honest, but if there ever … [Read more...]
Divorce
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Getting divorced? Here’s how to save on taxes
When a small-business owner gets divorced, significant tax consequences can follow. In this issue, (Part 2) of my series on divorce, I’ll explain how to split up qualified retirement plans like your IRA, without shooting yourself in the foot. If you want to learn specific ways to prevent Uncle Sam from taking a big cut of your assets, check out my latest article titled Tax … [Read more...]
Tax tips for divorce: Proven ways to save money
A divorce can be a traumatic event. What can make things even worse is the fat tax bill you may have to pay Uncle Sam. That’s right. Your business, children, property, and other assets can trigger a huge tax bill that can make a bad situation even worse. Which is why I urge you to read my latest article titled Tax Tips: Tax Tips for Divorce (Part 1). Three ways our … [Read more...]