Many married couples do not understand that filing a joint tax return carries a lot of liability on both sides. This is because if taxes are due, both parties are liable for it, whether or not they made any income. Many couples will file a joint return because of the benefits it offers. But what happens when you are truly not liable for the taxes assessed or the penalties that are due?
Leading Tax Group wants to talk to you and discuss your options with you. You do have options and may qualify for what is known as innocent spouse relief. Call our office now.
Joint and several liability is the term used to deem both parties on a joint tax return liable for any taxes, penalties, and fees that are assessed. The IRS does not have the capacity or time to determine if one spouse is more liable than another, so it is assumed that both are and since each spouse signs the tax return, they both agree to this.
There is one major implication that comes along with this and it includes collection on behalf of both parties. The IRS can go after the married couple together and individually for the debt instead of one or the other.
If you are not responsible for the tax liability assessed against you and your spouse, you can file for innocent spouse relief and if granted, you would be relieved from the taxes due. You should contact a qualified tax professionals to help you through the steps because there are criteria which you must meet.
It may be difficult to apply for and receive innocent spouse relief in CA on your own, so it is advised that you have an experienced and aggressive tax experts on your side. Our team will work with you and make sure that you are relieved of liability.
If you would like to learn more about innocent spouse relief or if you would like to receive help pursuing this in CA, Call Leading Tax Group today!