As we get older, the U.S. tax code offers certain tax breaks for senior citizens. These tax breaks are subject to parameters such as income, filing status and more. Here’s a quick review of some methods for tax debt relief for seniors.
When companies or small businesses have debt, they get a tax deduction on the interest they pay. Therefore, some businesses actually use debt as part of their growth strategy. In order to successfully do this, they must heavily rely on learning how to calculate after-tax cost of debt.
What exactly happens when you’ve paid your taxes, but your spouse hasn’t? The IRS isn’t out to get you; in fact, they have multiple options to help give relief to people in this situation. And the answer to your tax liability depends on the details of your relationship and your tax returns.
There are many consequences for not paying your taxes, but there are also specific steps you can take to get back on track.