Archived Posts: married taxpayers

Tax Tips for February 2024

Tax Tips for February 2024

by | Feb 1, 2024 |

Click on the links below to jump to each section in this article: There May Still Be Time to Lower Your 2023 Tax Bill Deductions vs. Credits: What's the Difference? ERC Voluntary Disclosure Program Available for a Limited Time   There May Still Be Time to Lower Your 2023 Tax Bill The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year....

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Tax Tips for February 2024

Tax Tips for January 2024

by | Jan 15, 2024 |

Click on the links below to jump to each section in this article: One Reason to File Your 2023 Tax Return Early Did You Get Married in 2023? 2024 vehicle mileage rates   One Reason to File Your 2023 Tax Return Early The 2023 individual income tax return filing season will open soon. Even if you typically don't file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft....

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An “Innocent Spouse” May Be Able to Escape Tax Liability

An “Innocent Spouse” May Be Able to Escape Tax Liability

by | Sep 25, 2023 |

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. In some cases, however, one spouse may be eligible for “innocent spouse relief.” This generally occurs when one spouse was unaware of a tax understatement that was attributable to the other spouse.

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Social Security Benefits: Are They Taxable?

Social Security Benefits: Are They Taxable?

by | Mar 27, 2023 |

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Your income and filing status affect whether you must pay taxes on your Social Security. About 40 percent of people who get Social Security must pay income taxes on their benefits.

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