The advance payments of the enhanced child tax credit are set to start next month, but a big question on many parents’ minds is whether they will end up owing on their taxes next year if they immediately spend the money.
For some parents, the answer is probably yes, they will end up owing money next tax season.
There are plenty of reasons couples get divorced (these money mistakes are a common cause)
. But what if you could get divorced to save money? by Hanna Horvath Nov. 26,… Read More
As professionals, we must consider how to address the ripple effect of the repeal of the alimony tax deduction and other uncertainties in the new tax law. Divorce has become a tax strategy game with no clear direction.
Many couples who are racing to divorce in 2018 may be surprised to learn that even though the tax character of alimony… Read More
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… Read More
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… Read More