Most of us do not give it another thought and simply assume we can contribute to an IRA if we meet IRS income criteria. But what if your only source of income is alimony? Guess what – the new tax law changes may just eliminate your only means to save in a retirement account.
By Lili Vasileff, CFP, mAFF, CDFA – June 6, 2018
Couples who have made the decision to divorce in 2018 may be surprised to learn that changes in personal and business income taxes will impact the financial outcomes of their divorce. It is unclear if the new tax rules will make divorce more or less difficult to negotiate legally or financially.
Couples who divorce before December 31, 2018 will be covered under the existing IRS rules for alimony, but will also have many law changes that impact their net disposable income calculations.... Read More
Filing your taxes together may not be the glue that will ensure you stay married forever. But it could save you money and help you cash in on some lucrative tax credits.
By Scott Van Voorhis
Feb 19, 2018 11:40
It would certainly be nice to think that couples who file their taxes together are more likely to stay together.
But at the very least, filing jointly can save you money. And given that financial issues are a classic flashpoint for couples, that can't be a bad thing.
Sure, there is no one-size-fits-all approach when it comes to doing your taxes. In some cases, you may be better off filing separately,... Read More