One of the main topics of discussion at a recent seminar was: what are the benefits versus drawbacks associated with married couples filing separately? An excellent question. However, just like with so many other excellent questions, the answer will depend on the circumstances. Below are a few examples of cases where it may be a good idea to keep this one aspect of your life together separate.
Tax season is here!
Time to panic over lost receipts, missing information on cost bases for stocks, and 1099s that won’t ever show up. Spend an afternoon with your CPA or click a few buttons on your computer keyboard. How painful this depends on how organized you’ve been; how well you have prepared yourself throughout the year. Below are a few tips for how to reduce your tax-related paperwork load, now and in the future.
Tax season is here! A great time for anyone expecting a refund - and a not-so-great time for those who now have to come up with a chunk of cash for the IRS as well, on top of everything else! For the financially savvy, tax season is a fantastic opportunity to be clever and score some free money – or at least a smaller tax bill.
I do not make it a habit to eavesdrop, but the girls at the table next to me at the smoothie bar this morning were so loud and animated, there was no way around it. They were all international students, pushing the benefits of babysitting to the newest girl in the gang. It’s the perfect extra job, they said, because you don’t need a work permit. Most moms will know this isn’t true. But since this isn’t the first time I have encountered this misperception, allow me to shed some light on employees in your home and taxes.
During a recent teleconference, several Savvy Ladies members expressed concern about what will happen to their tax bills now that Obama is in the White House. And it is no wonder people are nervous. Media has been bombarding us mixed messages - both prior to and after the election - some claiming the tax burden for the middle class is about to double. While Obama’s plans will doubtlessly change as the economic climate changes, below is a general overview.