Update: The laws have changed! Please see the New Rules on How to File a Joint Tax Return for Domestic Partners. The federal government does not recognize domestic partners as being married for either legal or tax purposes. However, some states do recognize domestic partners as being married for legal and tax purposes. Naturally, this […]
Reporting a tax cheat and getting a reward is not for the faint of heart. It is not a get-rich-quick scheme, as cases that are pursued can take several years from the moment you report a tax cheater to when you actually reap a reward. Not only does the IRS have to determine guilt, it […]
Tax season is here, or at least the documents have begun showing up in our mailboxes and inboxes. I know we have a small paper pile building on our desk (and quite a ways to go in order to round up all of the documents needed to file our tax return). While the majority of […]
Typically people spend money in order to pursue their hobby: equipment for a sport, ticket fees to events, materials such as yarn and needles for knitting, seeds for a part-time farm, etc. But some hobbies have the added perk of making you money. You have to be careful with this earned income come tax time […]
Did you know that if someone else claims you as a dependent on their taxes, you might still need to file a tax return? It all depends on whether or not you meet one or some of the criteria in the five dependency tests — relationship, gross income, support, joint return and citizenship/residency. Let’s take […]
Have you filed a bankruptcy in the last tax year? In a bankruptcy, debt is discharged, cancelled, or forgiven, and this can have tax implications because it is viewed by the IRS as taxable income to you (Cancellation of Debt Income or CODI). Bankruptcy and Tax Common types of debt that are discharged include automobile […]
There are many reasons that you could need a copy or a transcript of a past tax return. Perhaps you are taking advantage of low mortgage rates and applying for a loan or mortgage and need to prove your income from past years. Or if you are applying for college, or refinancing your home you […]
We’re almost done with the annual holiday gift guide. Hopefully, you’ve found gifts for everyone on your list! If you are still looking for unique ideas, today we’re featuring holiday gifts that give back. It used to be that manufacturers produced products, sold the end products to/through retailers, rinsed and repeated. There was no thought […]
We’re continuing the holiday gift guide highlighting gift ideas for everyone on your list, including the person who has everything! Today we’re featuring creative gift ideas. There are some people who seem to own everything already. When you attempt to think about what to get them for Christmas and the holidays, it turns into a […]
Looking over our income from the last several years, I noticed what many Americans have probably noticed: my husband and I have not had cost of living increases and only one raise. Just this year Paul received a cost of living increase and I was given a merit raise (hurrah!). Even though we are both […]
