The biggest and nastiest tax battle divorced or separated taxpayers face is over which person gets the rights to the tax credits for children and dependents. One particularly underhanded trick that is often played involves one person filing taxes in early January to grab the dependents and tax credits before the custodial parent files a [...]
Back in the distant mists of time, I got a divorce. It was easy. We had no children and no disputes over splitting assets. We sold the house and split the profits, and we even shared an attorney (his best man at the wedding). However, when you have a lot invested in a marriage—time, children, [...]
This year, our household has the biggest medical expenses we’ve had in a decade—and we’re not alone. My Webmaster is facing over $25,000 in expenses not covered by his family’s high-deductible insurance policy. Are you hurting, too? If so, there may be tax implications. Let’s look at what has changed since last year and find [...]
Four ways to Live Tax-free. Here are a few strategies for those who want to live a tax-free life without breaking the law. We all know that paying taxes is a necessary part of life. Yet the news is constantly filled with reports of people being caught with offshore, untaxed funds in an effort to [...]
One of the things no one really explains to you when you buy a home is that there are many costs for which you are responsible that go above and beyond mortgage payments. Paying taxes, insurance, and homeowners association fees is all part of being a homeowner. Additionally, when you are the homeowner, you are [...]
This post was written by guest blogger Eva Rosenberg. I’ve had the privilege of attending some amazing weddings in my life: a beautiful, fun evening in New Orleans right after Hurricane Katrina; a magnificent wedding at the elegant Ambassador Hotel and an expensive affair that took over the bar and all the rooms on an [...]
What if there are issues with property tax exemptions for seniors? Senior homeowners are typically entitled to take an extra exemption. Q: When my mother died some years ago, her senior exemption was not removed from her property, which I inherited and now live in. How do I correct this tax problem? It has gone [...]
There are only a few guarantees in life, and two of them are death and taxes. We can talk about death in another article; for the time being we will discuss paying taxes. When planning for retirement, it is important to have a strategy for how you are going to pay your bills—especially if you are [...]
I’ve been sharing tax tips at TaxMama.com for over 10 years, and I love giving information about filing taxes. But if there’s one thing that drives me crazy, it’s when people write to me about things they did last year—buying a home or pulling money from a retirement account, for example—without getting guidance from a [...]
I’m always surprised at people who get 1099-MISCs each year yet don’t think of themselves as being in business. Some even refer to their clients as their bosses or employers. Let’s get something straight. The fact that you are getting a 1099-MISC to report your earnings to the IRS means you are in business for [...]
