Sometimes, one spouse really is “the bad guy.”
If your husband or wife (or ex) has tried to pull a fast one on the IRS, you really shouldn’t get in trouble for their misdeeds.
But with the IRS, of course, you are guilty until proven innocent, so here’s what you need to do to distance yourself from your shady partner.
Recognize the difference between “injured” and “innocent” spouse. The two sound similar, but they’re really very distinct complaints.
At first glance, it seems like “Currently Not Collectible” is a great idea.
It gets the IRS off your back and forces them to leave you alone. And you can breathe a sigh of relief. Right?
Well, yes and no.
The upside to “Currently Not Collectible” is that yes, the IRS does acknowledge that you are living in financial hardship and cannot pay your tax debt right now. (This means having little to no leftover money after paying essential living expenses each month.) And they “leave you alone” for a while. They hold off on collecting past due taxes, they won’t garnish your wages or levy your bank account, and they stop all collection activity.
There's no easy way to say it: Divorce is painful. It's a stressful time for both parties, and while money is a central issue of many divorces, changes in your tax status (and some will be substantial) often fall by the wayside. At the Law Offices of Rod Polston, it's our job to always look out for our clients especially when they're going through something as difficult as divorce and to ensure that your transition is as smooth and straightforward as possible.
Running a small business is not for the faint of heart, but it can certainly be rewarding. After all – you’re doing what you love to do! But tax season can have even the most seasoned of entrepreneurs running for the hills. At Polston Tax, it’s our job to help make your taxes a breeze, and we like to look out for our small business owner friends. This week, we’re focusing on Landscapers and Gardeners. Here are a few tips to help you guys and gals plant some seeds for tax savings and grow your returns come April. (See what we did there??)
Do You Really Want to Talk to the Revenue Officer?
Quick answer: No, you don’t.
As we gear up for Tax Day – which is on April 18th this year! – we’re doing a series of posts for the small business owners who most frequently come to us with questions. This week, we’re discussing a deduction we hope you won’t need – a tax writeoff for employee theft or embezzlement.
Let’s say the worst happens.
The IRS has decided to audit you, and you need someone to represent you.
To be fair, there’s a very long list of situations where this can happen, including all of these scenarios:
As we gear up for Tax Day – which is on April 18th this year! – we’re doing a series of posts for the small business owners who most frequently come to us with questions. What kinds of industry-specific tax breaks can you expect this year? And how should you prepare? We’ll spill all the details below.
We’re always here to offer a lending hand come tax season, but did you know we also offer tax preparation services to help create resolutions with the IRS or State? You must be fully compliant in order to have an accepted resolution. You may be thinking, “What exactly does tax compliance entail and why is it important?” Here’s the low-down:
The IRS can be tough to navigate. At Polston Tax, it's our job to look out for our clients, and guide them through whatever process needed to resolve their tax issues. But the IRS has also taken steps to protect taxpayers: Publication 1, also known as the Taxpayer Bill of Rights lays out the fundamental rights every taxpayer should know when dealing with the IRS. As a taxpayer, you have the right to: