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Could Your Spouse's Tax Problems Affect You?
Dealing with tax problems is stressful enough. But it can be downright maddening to discover that your credit has been damaged over a tax bill you had nothing to do with. A Credit.com blog reader asked:
My spouse's credit report shows a tax lien from my taxes from before we were married. Is that legal?
Probably not, In most cases, if the tax lien was filed against the husband, not the wife, then his wife's "credit report should not show the lien," . If they live in a community property state, though, the answer may be different. More on that in a moment.
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Tax debt isn't usually reported on credit reports unless the Internal Revenue Service files a Notice of Federal.Tax Lien. The IRS files tax liens to protect its interest in the property of someone who can't or won't pay the taxes they owe. Liens may be automatically filed for unpaid tax debts totaling $10,000 or more, and may sometimes be filed for smaller debts. (That limit used to be $5,000, so some consumers' credit reports may show older liens for smaller amounts as well.)
Tax liens may be reported for seven years from the date they were assessed if they have been paid, or indefinitely if they are unpaid. They severely damage consumers' credit scores.
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It's also worth noting that spouses have separate credit reports and the only time one partner's credit or tax problems should affect the other person's reports is when they share accounts (for example, joint loans or credit cards, or when one is an authorized user on the other's accounts).
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Community Property States
However, it does get tricky in the case of community property states — Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin — which establish joint property rights.
"It gets complicated because each spouse has a vested half interest in the other's property regardless of how it is titled," says Pilla. He gives this example:
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Parties get married on Day 1. On Day 2, she buys a house in her name. Even if it is titled in her name only,it's a community property asset which gives her husband half interest. The IRS can file a tax lien and it will attach only to the husband's interest. So far there are about nine community property states...
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Things to Do Now to Lower Your Tax Bill
As you fine tune your New Year's resolutions for year, there's a good chance that something related to personal finance is on the list.
Taxes may not be on the agenda until the April crush, but it makes sense to start preparing now for the current tax year and perform maintenance check-ins periodically.
The following 10 tips that can help individuals and small business owners lower their tax burden and maximize their income tax return, avoid audits, and feel a little better about the whole tax thing. A courtesy of knowledgefinancial.com
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Optimize Withholdings
Although it's nice to get a big refund after sending in your return, it's even better to optimize tax withholdings and receive a little more money in every paycheck.
"The IRS has a withholding calculator you can use," says Bill Hendricks, former TurboTax leader and co-founder of Common-form.com.
"Once you figure out the right amount to be withheld, request your employer to change the number of withholding allowances."
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Save Receipts
If you're looking for a new job this year be sure to save all the relevant receipts. You can take deductions for everything from buying resume paper to traveling for job interviews. This may not amount to a lot, and only applies if you itemize deductions, but it takes some of the sting out of the search process. TAX KNOWLEDGE: MEANING TAX SAVING, EQUAL MORE MONEY FOR YOU! Access to your W-2 Wage and Tax Statement, as well as a variety of other services related to your W-2...
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Continue Your Education
Is this the year you pursue the learning you've long wanted to acquire? If you (or a spouse or dependent) are enrolled in a post-secondary school, such as a two-year or four-year college or vocational school, you may be eligible for a Lifetime Learning Credit worth up to $2,000 a year. (Note: income restrictions apply.)
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Purchase Health Insurance
This year, the penalty for not having health insurance increases to the greater of 2 percent of household income or $325. Although enrolling in a plan may be more expensive, the penalty is worth avoiding if you can. Individuals receive a subsidy towards their premium if their annual income is less than $46,680 and pay lower premiums and out-of-pocket costs if their income is below $29,175.
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Report Life-Changing Events
Taxpayers that a major "life event," such as the birth of a child or a marriage, should prompt submission of a new Form W-4 to employers. Your new circumstances may affect the number of withholdings you're entitled to claim
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Pay Estimated Taxes on Time
If you're earning money on the side through a freelance job, your own business, or even from interest or rent income, remember to pay estimated federal and state (when applicable) taxes four times a year. Failure to do so can result in costly penalties.
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Maintain Separate Business Accounts
If you're starting a business, open separate business credit card, checking, and savings accounts. Using a single account for personal and business expenses can get you in trouble during an IRS audit. Moreover, keeping the finances separate will help you stay organized all year while providing accurate real-time information
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Track Your Travels
Small business owners should track how far and when they drive for any work, medical, volunteer, or non-profit activity. Even short trips to the local drugstore to pick up a prescription or to a local charity to drop off a donation add up to a decent tax deduction.
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Record Other Expenses
In addition to keeping an accurate mileage log, business owners should keep expense reports for all business-related travel as well as receipts for business-related meals (note with whom you dined and the purpose of the meeting).
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Document Everything
If you're not sure if you need to keep a copy of something, or you expect to claim an exemption, deduction, or expense that might not be clear to the IRS, make notes and keep documentation. This is particularly important for events that occur early in the year, which may be long forgotten when it comes time to file your taxes next year... Tax Breaks That Anyone Can Claim easy and simple...
''TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW, THE LESS YOU PAY. Corporation can provide certain benefits not available to other entities.
'' TAX BRACKET - TAX BRACKET - TAX BRACKET: As of today, do you know your tax bracket? If not, Find Out Here...
''TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW, THE LESS YOU PAY. Corporation can provide certain benefits not available to other entities.
'' TAX BRACKET - TAX BRACKET - TAX BRACKET: As of today, do you know your tax bracket? If not, Find Out Here...
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