Thursday, April 24, 2014

“COMMUNITY PROPERTY” DEFINED - ADVANCE TAX RELIEF LLC

Community property is a classification-based system that divides all marital assets into one of two categories:
(1) community property; and (2) separate property.
The general rule is that all property, real or personal, acquired by a married person during the marriage while domiciled in a community property state is community property. The term “property” refers to both real and personal property of all types, including stocks, bonds, jewelry and cash.

Example.
John and Mary were married in 2010. They live in Washington, a
community property state. In 2012, the couple purchased a home in Washington. Both John and Mary work outside the home. John is a sales manager with an annual salary of $100,000. Mary is a nurse with an annual salary of $70,000. The home and the salaries of each spouse are community property.
Most importantly, if you believe you may have trouble paying your tax bill, contact Advance Tax Relief LLC immediately. In many cases, there are steps we can take to help ease the burden or settle the tax debt for a small fraction of what is owed.
We advise also that you file your tax returns even if you are unable to pay to help avoid possible additional penalties.

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