If you’re married, you’re probably planning to file your taxes jointly; most couples do. You should know that spouses filing a joint return are generally each liable for all of the tax owed on that return—but the law provides equitable relief when one of the spouses has no control over, or perhaps no knowledge of, how the household’s financial situation is reported.
This “innocent spouse” relief is especially important for women: 90 percent of those who request relief from joint liability are women, 65 percent of those who request relief make less than $30,000 a year, and some are survivors of domestic violence.
Section 6015(f) of the Internal Revenue Code provides that equitable relief is available for innocent spouses, but the determination rests on a “facts and circumstances” test.
A just-released survey of small business owners shows a vast majority do not consider regulations as a major concern. Instead, the survey shows weak demand is the primary problem for their business right now, not regulations.
Weak demand is small business owners’ biggest problem: 34% of respondents said weak demand is their biggest problem, while 15% cited the cost of health coverage and other benefits. Only 14% said it is the level of government regulation. The level of taxes came in fourth place with 12% and competition with larger companies garnered 10%.
Small business owners see regulations as a necessary part of a modern economy and believe they can live with them if they’re fair and reasonable: 86% of small business owners agree some regulation of business is necessary for a modern economy, and 93% of them agree their business can live with some regulation if it is fair, manageable and reasonable.