Is There a Difference Between Innocent Spouse Relief and Injured Spouse Relief?

August 30, 2015

When a married couple files a tax return jointly, both spouses become equally responsible for all taxes owed. This joint and several liability applies to the tax liability showed on the return, as well as to any additional tax liability due as determined by the IRS. This includes income, deductions, or credits of a spouse….
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Do I Need to File a Tax Return on Gambling Winnings?

August 20, 2015

Taxes are probably the last thing on your mind when you are playing games of chance at a casino, placing wagers on horse races, or even playing Bingo at the mall. Unknown to many, however, is that your gambling winnings are almost always considered taxable income. Failure to properly report your earnings can result in…
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Can You Sell Your Home If You Have a Federal Tax Lien?

August 6, 2015

A tax lien, simply put, is the legal claim of the U.S. government against some or all of your assets due to your failure to pay a tax debt on time. A federal tax lien can be assessed for unpaid taxes of any type, including self-employment, income, estate, or gift taxes. The general rule is…
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