My husband has an Alzheimer's diagnosis from this March 1016, but has been very adept at hiding his symptoms for some time. He has been self employed,until this past March, and I have just discovered he has not paid income taxes for one and maybe two years. He has always done our taxes, he was an auditor for the federal government, my background is nursing, so I never paid attention. Now, going through paperwork, I can see how he was struggling with financial issues. Do I have any recourse on the thousands of dollars owed the IRS?
I took a business accounting course a few decades ago and only have vague recollections, but the fact that the business is declining as was your husband's income from sales is something that a real business specialist should address to determine if there are any offsets as well as what value can be attached to the business if you want to sell it, which seems like a possibility as I think you have your hands full w/o running a business.
Good luck.
Have you been kinda hands off in his business?....it sounds like this is the case. If so and hubs has been slipping for a while undetected, and he has a business, I'd suggest you go through his credit and debit card use plus go through his email.He may have agreed without really understanding what would happen to auto-pay on all sorts of services. It could be smallish amounts too, like $ 10 -30 every month, so go below radar. Often these cascade to charges from "affiliated" companies. If he has anything with an website & domain name - so his email address is easily found- there are a lot of bottom feeders that send out a notice that appear to be a "bill" related to an one-off to the registered domain name. If he's had this happen, these scammers are pretty relentless and you probably just need to cancel the cc or debit card so they can't get any more payments auto deducted. If he has business bank accounts, you kinda need to get on monitoring cause biz accounts don't have the same time period for safeguards that personal accounts do to get $ credited back. Good luck & try not to get overwhelmed.
When I needed to find a trust CPA, I called the well known "Big 3" firms (or maybe it was "Big 6" then) in our area to find out which had trust accounting departments and could help with the first trust tax return. I ended up going with a much smaller firm with better rates. The large ones were just too expensive.
But it was also clear that not all the tax firms have trust experience.
I assume all relevant taxes have been with held on your income if you are still working.
How old are you both?
they will advise me. Maybe I need a financial advisor?
I suggest you hire a CPA to do your taxes. Boy, I am so glad my parents had done that over the years, as income taxes can be a crazy maze to go through unless life is simple.