"In this world nothing can be said to be certain," Benjamin Franklin reportedly said, "except death and taxes."
For years, many couples have complained about having to pay more in taxes than two single people would have to with the same incomes.
A tax audit is naturally something you want to avoid. At the same time, however, you want to be able to make full use of all the lawful tax deductions and credits that you can.
One of the themes of this blog is that even if you can't pay your tax debt in full, you shouldn't just ignore it. Instead, you shold consider the available options.
In our previous post, we wrote about making an offer in compromise (OIC) in order to try to settle your tax debt with the IRS. If your offer is accepted, an OIC can enable you to resolve your debt with the IRS for less than the full amount you owe.
It's an anxious feeling, knowing you don't have enough money to pay your taxes.
In the first part of this post, we began a discussion of estate and gift taxes. The discussion was prompted by the unexpected death at age 57 of the musical legend Prince.