Married Couples and Myths about their Taxes
Word is circulating that many people in the United States actually pay more taxes than they are required to. For many, doing so is like throwing away their hard-earned money. Fortunately, there are measures to take to avoid this situation. Like many other facets in life, it is best to have a good offensive plan. The more money you will save and the better advantage you will have if you are more informed about your benefits as a tax payer.
Although it’s different for everyone, many people eventually gain a basic understanding of their taxes and the procedures in filing them on an individual basis. However, when they get married, things change considerably and the learning curve can be steep. Often times, many people don’t take the time to learn all the different tax benefits that are available when they get married, they also hold common fallacies that they have learned from their parents who also did not know the truth.
Married individuals suppose that they should only pay for fifty percent of the taxes due in their joint income tax return. Although this makes sense, the reverse is true in this situation. Once you have filed a joint income tax return, you are bound by the stipulations in that contract. Such contract includes provisions on a number of liabilities for the married couple. If one party decides to leave, the other spouse is completely responsible for all taxes due.
Another common myth is that when you marry someone who already owes money from the IRS, that debt is considered separate property debt and you are not responsible for it. This is partially correct, but if you live in one of the nine community property states in the country, then it is absolutely not true. Your assets and incomes become a community property if you get married. This is loosely interpreted to mean that half of her income is yours, and vice versa. The IRS can actually put a levy on half of your paycheck if your spouse cannot settle his/her part of the debt. In addition, refunds which you could have been entitled to will be forfeited as the IRS will use that amount to cover for unpaid taxes.
Misconceptions also revolve around taxes and divorce. If a couple decides to get a divorce, they think that total taxes due will be fully handled by one spouse. In reality, however, divorce decrees are not honored by the IRS In most cases, the IRS will go after the party who is easier to locate and whom they deem is more financially stable when a certain portion of the tax due is not paid. The divorce decree can only take effect if you have contacted a lawyer who will help you enforce some courses of action against an ex-spouse.
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