There are various benefits and drawbacks associated with filing a joint tax return as a married couple. A Texas couple who files a joint return often enjoys a lower tax liability than if they had filed separately, but this is not true for all taxpayers. Additionally, joint filers are considered … [Read more...] about Innocent spouse relief now may be easier to obtain
Estate tax changes could affect thousands
A relatively small number of Texas residents are subject to estate taxes in 2012, as only those with estates worth more than $5 million are generally taxed upon their deaths. According to the Tax Policy Center, a total of about 3,240 estate tax returns were submitted in 2011. However, if … [Read more...] about Estate tax changes could affect thousands
IRS seizes Lindsay Lohan’s accounts
Lindsay Lohan is reportedly facing tax liens from the Internal Revenue Service, to whom the actress owes $233,904 in unpaid taxes for 2009 and 2010. Celebrity gossip site TMZ reports that the IRS has seized all of Lohan's bank accounts in an effort to collect the delinquent sum. The IRS often … [Read more...] about IRS seizes Lindsay Lohan’s accounts
Court rules against company that settlement was business expense
The U.S. Tax Court has ruled against a Texas corporation that attempted to deduct a $2.3 million wrongful death settlement from its tax returns. The company's sole shareholder and CEO argued that the company's "direct exposure to the risk of a monetary judgment" allowed it deduct the settlement as a … [Read more...] about Court rules against company that settlement was business expense
Airlines claims Texas wrongfully took $12M in taxes
Continental Airlines is requesting that the $12 million in sales taxes it paid to Texas be returned, arguing that the taxes were incurred on improvements that should have been considered tax exempt. According to lawsuit the airline filed against Texas's Attorney General and Comptroller of Public … [Read more...] about Airlines claims Texas wrongfully took $12M in taxes
Experts say coming estate tax changes could be retroactive
With lawmakers expected to focus on income and investment tax breaks during an upcoming session before Congress convenes again in January, legislators are unlikely to address estate taxes. Unless lawmakers take steps to prevent it, the inheritance tax rate will rise from 35 percent to 55 percent at … [Read more...] about Experts say coming estate tax changes could be retroactive