I just found out that we owe a ton of $$, in taxes, hubby owns an LLC Co. and I work also. I know if we file married seperately we might owe a little more, but would I still be responsible for his debt? Any advise would be great.
2007-04-11 12:45:18 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your best option would be to do a joint married return and then do something called an injured spouse. This allows you to get your share of the overpayment that would have been used to pay the past due portion of your spouses taxes. To be considered an injured spouse you must file a joint return, have reported income, have made tax payments(withholding or estimated), and not be legally obligated to pay the past due amount.
2007-04-11 13:04:45 · answer #1 · answered by RobertB 5 · 1⤊ 0⤋
If you file separately you would owe a lot more tax not a little. If you are a couple I would think you would want to file to save the most tax overall, but maybe not.
2007-04-11 14:19:27 · answer #2 · answered by irongrama 6 · 0⤊ 0⤋
If the debt is not from a return you filed (MFJ) and signed, then no. However make sure that he agrees that all the income is his and not yours. You don't want to have to prove who was liable for reporting the income and paying the taxes.
2007-04-11 19:25:48 · answer #3 · answered by Amy F 3 · 0⤊ 0⤋
Not if you don't file a joint return, and your name isn't on any of the LLC paperwork.
2007-04-11 14:31:37 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Normally yes.
2007-04-11 12:48:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋