Innocent Spouse Relief

You Are NOT Responsible for the Misdeeds of Your Spouse… If You Know What Steps to Take.

You’re in luck! The IRS has provisions for an “Innocent Spouse”.

“Innocent Spouse Relief provides you relief from additional tax you owe if your spouse or former spouse failed to report income, reported income improperly or claimed improper deductions or credits.” – IRS Topic 205

Under certain circumstances, you may be resolved of any misdeeds of a spouse or former spouse involving income tax fraud.

Most married couples file their tax returns jointly. There are certainly benefits to this, but if there were certain “errors” or “mistakes” on your joint return and it was your (present or former) spouse’s fault, you could be in luck. There are provisions in the Tax code that will let you out of a tax burden that was not your fault. But, it will need to be proven. We can help.

To ensure yourself the best possible outcome, it is best to take action as soon as you realize there is a problem.

We can review your situation and help you determine your options and file for Innocent Spouse Relief when necessary.

Unlocking Tax Benefits: The Real Estate Professional Designation

Unlock Tax Benefits: Real Estate Professional Designation Explained Unlocking Tax Benefits: The Real Estate Professional Designation - Are you a real estate professional or investor looking to unlock tax benefits and achieve long-term financial goals? Moreover, the...

Maximizing Returns: Unraveling Tax Benefits of Opportunity Zones

Maximizing Returns: Unraveling Tax Benefits of Opportunity Zones In today's financial landscape, savvy investors actively seek avenues to optimize returns while minimizing tax liabilities. Investors have increasingly turned to investing in Qualified Opportunity Zones...

Decoding Reverse Mortgage and Taxes in Jamaica, NY

Understanding Reverse Mortgage Taxation in Jamaica, NY Reverse mortgages offer seniors a way to tap into their home equity without selling their property. However, the tax implications of these financial products can be complex. Let's delve into the taxation nuances...

Cost Segregation Strategies for Income Tax Savings in Queens, NY

Cost Segregation Strategies for Income Tax Savings in Queens, NY Introduction In the realm of real estate investing, where every dollar counts, savvy investors are continually seeking ways to minimize tax liabilities while maximizing cash flow. One potent tool in...

Home Equity Loans for Property Investments & Taxes

Home Equity Loans for Property Investments & Taxes Harnessing Home Equity for Property Investments In the realm of real estate investments, finding the right financing avenue can make all the difference in maximizing returns. One increasingly favored method involves...

Claiming Mileage: A Comprehensive Guide to Tax Deductions

Just a trip down memory lane before I get into the blog post. But don't worry, this is related: Hey Jamaica, NY agents (and any agent, regardless of location), have you heard of MileIQ? If not, let me share my experience. I've been using MileIQ for years, and I want...

Jamaica, NY: Primary Residence vs Investment Property Taxes

Primary Residence vs Investment Property: Understanding the Tax Implications in Jamaica, NY Introduction Ah, the American dream: 2.5 kids and house with white picket fence. And, while that has become increasingly unattainable, folks are still doing it. Thus, as a...

Unlocking Tax Benefits for Energy-Efficient Jamaica Homes

Unlocking Tax Benefits for Energy-Efficient Jamaica Homes Introduction Transform your Jamaica, NY home into an eco-friendly oasis, while reaping tax benefits! As a result, discover how energy-efficient upgrades can boost your wallet and the environment. As a homeowner...

Understanding the Tax Implications of Short Sales and Foreclosures in Jamaica, NY

Understanding the Tax Implications of Short Sales and Foreclosures in Jamaica, NY Filing taxes can be a daunting task, especially when dealing with a short sale or foreclosure. However, understanding the tax implications of these situations can help alleviate some of...

Navigating Jamaica, NY’s Property Tax Changes: A Guide

Initial thoughts on Property Taxes Are you a taxpayer in Jamaica, NY struggling with tax debt? Whether it's IRS, state income tax, or sales tax, navigating the complexities of tax law can be overwhelming. Recent changes to property tax assessments by the NYC Council...

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!