Monday, August 10, 2015

Wage Garnishment: Secure Finances from a Tax Cheat

Many married couples share their financial burdens. They get joint accounts and enter into shared financial responsibilities that could become problematic when they split up or when one of them gets subjected to a wage garnishment. The IRS is relentless and will not stop until they get what is theirs. How do you protect yourself if you are innocent of your spouse’s financial indiscretions?

Get help

Wage garnishment is no joke as it could leave both of you virtually penniless. This is one instance where you might abhor the concept of “what’s mine is yours”. When it’s time to sever ties with your ex-spouse, you will need help from experts who provide tax relief services so you can deal with the problem and gain a better understanding of the issue.

Be aware

If you suspect something fishy going on with the return, don’t hesitate to ask. You’ll only risk waiting until it’s too late, and by that time, the IRS may have already caught up with you. If you encounter anything you do not understand, ask a CPA to enlighten you.

Cut Losses

Having a joint account with a person who is in trouble with the IRS can also put you on their radar. Cut your losses and protect yourself against financial hardships by closing that account. This way, you can’t be held responsible for any future purchases your spouse might make even after the divorce.

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