Don't Mess With Taxes

Talk is important when it comes to taxes, in both personal return filing and on Capitol Hill where lawmakers are looking for ways to reduce the federal deficit.

Both situations were the topics of posts last week at my other tax blog.

On the personal level, when a couple files a joint tax return, each is equally responsible for any tax liability. If one spouse takes the lead in doing taxes -- in the hubby's and my marriage, that's me; you really didn't expect otherwise, did you? -- the other partner needs to check out the Form 1040 before signing and sending it off to the Internal Revenue Service.

Too many spouses, however, find themselves in tough tax situations because of a husband's or wife's mistakes, intentional or accidental, on returns. Those folks might be eligible for innocent spouse relief.

On the national tax policy level, talk also is crucial.

Unfortunately, members of Congress and the president seem to be talking at each other instead of with each other about the role of taxes in trimming America's debt.

Obama's recent tax reform and deficit reduction proposals are getting a lot of media attention, but I'm dubious as to how much serious consideration the ideas will get as lawmakers work toward the Nov. 23 deficit cutting plan deadline.

You can check out new posts, usually each Tuesday and Thursday (although last week it was Tuesday and Wednesday), at my Bankrate Taxes Blog.

And if you happen to miss them there, you can find a wrap-up here each Saturday.

You also might find these items of interest:

• Avoiding federal budget catastrophe
• Is it time for tax reform?
• Stephen Colbert explains Obama's tax-the-rich plan