Tax Laws and Spouses – Accountant Kissimmee Hunters Creek FL

Perhaps the best part about hiring an accountant in Kissimmee, Orlando, and Hunters Creek FL is the valuable information that he can provide to spouses or taxpayers. Spouses who are at odds with each other or are going through a painful divorce would definitely value the services of a CPA (Certified Public Accountant) before tax week.

For example, if both spouses happen to work or have separate sources of income, an accountant would advise them to sort their tax on a joint return as well as on separate returns. In this case both spouses would have to use the filing status of married filing separately.
Married couples who need to lower combined tax may apply for the following –

Joint Responsibility

Couples often ask accountants about any responsibilities that might come with joint filing. If one spouse has incurred any penalty or interest on a joint return, both spouses will be held accountable for it either individually or jointly. In other words, if one spouse does not pay the tax that is due the other might have to.

The same is the case if a spouse fails to report the correct tax amount. In cases such as these both spouses will have to pay the additional taxes that will be assessed by the IRS as a result. In the case of a joint account, one spouse must bear the penalties even if the income was earned by the other one.
In cases such as these an accountant would advise a married couple to file separately especially if –

• One of the spouses believes that the other isn’t reporting all of his/her income
• One of them does not want to deal with any taxes that are due if the other spouse does not pay enough estimated tax.

Divorce

An individual is considered to be unmarried for the whole year if he/she happens to be divorced (under final decree) until the last day of the year. How does this apply to filing tax returns? According to a certified accountant such a situation would mean that the person in question cannot choose married filing jointly as their filing status.

Ending Joint Responsibility

If a spouse reports items on a joint return incorrectly the other spouse might be relieved of joint responsibility for the interest, tax or penalties that will follow. However, this is only applicable for certain cases. A spouse can apply for three types of reliefs –

• Innocence of spouse relief
• Equitable relief
• Separation of liability

The last option is only applicable to joint filers who are either legally separated, widowed, divorced, or who have not lived together for the 12 months till the date of the filing of the relief.
These are only some of the rules that are applicable to married couples who opt for joint tax filing. In order to have a wider perspective on the rules that govern taxation laws it is always preferable for spouses to seek the help of a certified accountant.

If you need accounting services in Kissimmee, Orlando, and Hunters Creek FL, please contact us at 407-502-2400. God bless