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. Therefore, 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. But there may be relief. A brief sidebar addresses what to do about future returns.
Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website.
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024.
Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents, and even cash, in case of a major disaster.