How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1841
Experience:  Certified Public Accountant
Type Your Tax Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

My boyfriend used to own a business 2years ago that did fail

Customer Question

my boyfriend used to own a business 2years ago that did fail down and now is owes sales debt taxes he needs to pay, what do i risk if we get married,am i responsible for anything
Submitted: 9 months ago.
Category: Tax
Customer: replied 9 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Mark Taylor replied 9 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Did you own any part of the businesses?

Customer: replied 9 months ago.
Expert:  Mark Taylor replied 9 months ago.

You would not be responsible for the liability. Your fiancé would be responsible. The risk you would run is if you had joint accounts and the accounts were levied for the liability. So even if you deposited 100% in a joint account, the money would be at risk to your husband's creditors. I would recommend setting a payment agreement for the unpaid taxes.

Expert:  Mark Taylor replied 9 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Customer: replied 9 months ago.
The court ordered him to pay $300 a month and he's been paying it.! I also want d to tell you i own a property in Texas what do I risk if in the future he can't pay?
Do U advise also that we won't have a joint account once married ?
Expert:  Mark Taylor replied 9 months ago.

The liabilities would be prior to your marry so this would be a separate. This would be the same with the property that you own in Texas. This would be known as sole and separate property. If you have a joint account the account then the account would be available to creditors (either your husband's or yours). I am glad that you have a payment arrangement in place. As long as he makes the payment as agreed you will have no problem with the state.

Customer: replied 9 months ago.
Thank you for the answers. One last question how do we apply for taxes once married . Do you advise joint or seperare? And Why does he always need an authorization paper every time he need travel outside Florida ?
Expert:  Mark Taylor replied 9 months ago.

As far as whether to file married or file jointly the answer is it depends. Usually there is not a great difference between the two. If you do file married filing separately there are several deductions and credits that you are not able to take advantage of (tuition and fees deduction, student loan interest, earned income credit, and the American Opportunity Credit to name just a few). Often it is better to file jointly. Can you give me more information about what he needs when he flied out of Florida? Has he been married before? Does he have children?

Customer: replied 9 months ago.
he was married, and divorced he has 2 kids 15 and 18? He told me that because of his tax situation he always need to notify the court clerk when he wants to travel outside Florida because he lives in Florida
Expert:  Mark Taylor replied 9 months ago.

Is he current on child support?

Customer: replied 9 months ago.
I don't know !
Expert:  Mark Taylor replied 9 months ago.

How much of a sales tax liability does he owe?

Customer: replied 9 months ago.
Expert:  Mark Taylor replied 9 months ago.

That is a fairly large sum of money. I have not heard of a regulatory agency requiring this but due to the size of the liability this may be a possibility. What kind of notification does he need to provide?

Customer: replied 9 months ago.
Where he is traveling and the Address where he is going .
Expert:  Mark Taylor replied 9 months ago.

I have not heard of that for a tax liability. It may be a requirement due to the outstanding liability.