When it comes to income taxes, many couples filing jointly end up with only one partner actively involved with tax preparation. If you’re the partner who’s traditionally taken a backseat when it comes to learning about your income taxes, you have good reasons to take a more active approach. What are some of these reasons? Here are four things to consider.
1. You Are Responsible for Taxes
When you sign a tax return — either a joint return or as a single taxpayer — you are responsible for everything contained in those forms and the taxes due.…
If you have IRS tax debt that you owe for past taxes, you need to work to settle that debt as soon as possible. Debt that you owe to the IRS is really serious, and it is something that you need to take care of right away. When it comes to dealing with the IRS debt, there are a few things you can do.
Make an Offer in Compromise
One thing you can do is make an offer in compromise.…
Business loans are vital for many small businesses for a variety of reasons. A loan can help you fund new operations, expand your reach, take on profitable jobs, purchase needed equipment, and cover expenses until clients pay their bills.
However, maintaining your business loan or loans in good standing is just as vital as securing it to begin with. If you fail to pay on time, wind up in collections, lose access to credit lines, or receive judgments, it could seriously impact the company’s ability to earn an income.…
