When a married Texas resident files a joint tax return, it means they are both jointly and severally responsible for the ensuing liability. So, not only is it possible to collect the tax liability from the couple, the Internal Revenue Service can also collect it from any one spouse. This is true even if the couple divorces. For example, if one's former spouse did not report their income, then either of the spouses can be liable, unless one can qualify for innocent spouse relief.
How is my employment status relevant to my tax bill?
Paying taxes is complicated enough, but ensuring one is paying their taxes at the right status of worker can be even more complex. It is a common error made by businesses-intentionally or mistakenly misclassifying the status of a worker only to end up paying heavy penalties. The relationship between an employer and employee is important to understand because it determines which party will withhold taxes and which taxes are going to be withheld.
Failing to report your cryptocurrency could lead to an audit
In many ways, cryptocurrency seems like it shouldn't be something you need to tell people about. After all, the word crypto itself means secret or hidden. Bitcoin and other similar popular digital currencies serve as a way for people to complete international transactions without the risk of fluctuating exchange rates.
