525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Do You Owe the IRS Money That You Can’t Pay? Are You a Year or More Behind in Filing Your Income Tax Returns? Are You Behind in Your Payroll Tax Filings or Payments? Our Tax Relief services and Tax Resolution assistance can help you get tax relief!
Showing posts with label innocent spouse relief. Show all posts
Showing posts with label innocent spouse relief. Show all posts
Wednesday, July 10, 2024
Friday, June 14, 2024
Colorado Springs: Am I or Am I Not an Innocent Spouse?
Are you having to deal with daunting tax liabilities from unexpected issues stemming from a spouse's financial actions? The IRS offers a form of relief known as "Innocent Spouse Relief" to address such situations. This provision is designed to protect individuals from being unfairly held responsible for tax understatements or errors committed by their spouse on a jointly filed tax return.
To qualify for Innocent Spouse Relief, several conditions must be met. First, the understatement of tax must be solely attributable to the other spouse's erroneous items. Second, the innocent spouse must demonstrate that they were unaware of the inaccuracies at the time of signing the return and that it would be inequitable to hold them liable given the circumstances. Factors such as significant benefit from the understatement, desertion, death, or divorce are considered in the evaluation process.
Filing for Innocent Spouse Relief involves submitting Form 8857 to the IRS. It's a crucial step for those seeking to rectify tax issues without bearing the burden of their spouse's financial missteps.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Monday, October 30, 2023
Colorado Springs: Do I Have to Pay My Deceased Spouse's Overdue Self-employment Tax?
For any industry where you or your spouse are self-employed, the self-employment tax is a common issue. This can especially be true when your spouse is a truck driver. Often times a low cost tax preparer is used to save money. Sadly, though this often results in a poorly prepared tax return missing countless deductions. Sometimes I have encountered cases where a married filing joint tax return was electronically filed without one spouse's consent. There was a significant amount of self-employment tax and income tax due. The non-consenting spouse may not have filed jointly if she had known the amount due on the tax return. Then the spouse who filed the tax return suddenly and unexpectedly dies. Leaving the surviving spouse with a large tax bill. Is the surviving spouse required to pay the unpaid taxes?
Under Internal Revenue Code Section 6015 (b), the surviving spouse may qualify for Innocent Spouse Relief after consideration of the the facts and circumstances, Marcelino Dodge, EA, CTRC has helped taxpayers obtain this relief after a thorough and careful review of their complete situation.
Cash Tracks Financial of Colorado Springs
Marcelino Dodge, EA, CTRC
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
www.cashtracksfinancial.com
success@cashtracksfinancial.com
Monday, October 23, 2023
Colorado Springs: Am I Responsible for My Former Spouse's Tax Debts?
Did your former spouse prepare joint tax returns, have you sign the returns, and then file the returns? Then months or years later you come to learn that your spouse failed to report all his income. You learn that when an IRS letter arrives notifying you that the tax return has been adjusted. The adjustment shows an increase in taxable income from the 1099's your spouse failed to included as income on the original return. But, that is just the beginning. In addition to the increased income, there is an increase in not only income tax, but also there is now a large amount of self-employment tax due. To top it off, you are required to repay some refundable tax credits that were refunded to you on the return.
The amount due can be tens of thousands of dollars of tax.
Are you responsible for these taxes? Can the IRS require you to pay the amounts due because of the jointly filed tax returns? Technically, the answer is yes to both questions.
But, with consideration of the the facts and circumstances, you may qualify for relief under Internal Revenue Code Section 6015(b). This code section has requirements that must be met for you to qualify for Innocent Spouse Relief.
Marcelino Dodge, CTRC, EA of Cash Tracks Financial has helped taxpayers obtain this type of relief. He can analyze you circumstances and suggest the best course of action to solve your tax problem.
Cash Tracks Financial of Colorado Springs
Marcelino Dodge, EA
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
www.cashtracksfinancial.com
success@cashtracksfinancial.com
Saturday, June 10, 2023
My Spouse Filed Joint Tax Returns With Large Amounts of Tax Due? Am I Still Liable to Pay the Taxes?
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, June 7, 2023
Colorado Springs: My Spouse Filed Joint Tax Returns With Large Amounts of Tax Due? Am I Still Liable to Pay the Taxes?
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You are either divorced or your spouse has passed away. Then, one day you either have money unexpectedly withdrawn from you bank account by the IRS or receive notice of an overdue tax bill from the IRS. You ask, "Why am I receiving these notices, my spouse is the one who owes the taxes?" If you either knowingly or unknowing filed a joint tax return with your spouse, according to Internal Revenue Code Section 6013, the IRS can collect tax from either spouse. This can lead to inequitable results.
One step is to determine if a valid joint return was filed. Did you provide tacit consent? Did you sign the return under duress? Was your signature forged on the return? These are just some of the questions that would need to be answered to determine if you qualify for Innocent Spouse Relief.
Marcelino Dodge, Enrolled Agent of Cash Tracks Financial of Colorado Springs can help you to determine in you qualify to file for Innocent Spouse Relief under IRC Section 6015.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
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