Monthly Archives: March 2015
Married couples who file a joint tax return may be subject to a penalty if their combined tax liability is greater than what they would pay if they filed single. This “penalty” usually comes into play when both spouses contribute a large portion of the couple’s combined income. Thanks to some legislation, the penalty has […]
— Read moreWhether you’re settling into your first place, or upgrading to somewhere new, buying a new home is a big moment in life. Most likely, upon finalizing the purchase of your new property, you paid some form of “closing costs” or “Settlement fees” in addition to the price of the home. Generally, the seller and you […]
— Read moreIf you aren’t married by December 31st and you were responsible for the upkeep of a household for a child, parent or other relative, you may be eligible to file your tax return using the head of household status. You do have to be a citizen or resident of the United States for the entire […]
— Read moreThe Affordable Care Act requires everyone to have health insurance, or face a penalty at tax time. There are some situations in which a person can be exempt from the penalty. Individuals who believe they qualify for a hardship exemption or a pre-defined exemption need to fill out Form 8965 (Health Coverage Exemptions) and file […]
— Read moreThere are two qualifying factors to determining eligibility for head of household, and you must meet both in order to file using the status. Both factors have a specific set of rules that help you determine if you meet the requirements. Marital Status: You have to be unmarried, or consider unmarried for the purposes of […]
— Read moreMarried couples may find it easier to file one single joint tax return, especially if one spouse is responsible for a majority of the couple’s income. In cases where both spouses earn income, the option to file separately may be more beneficial in regards to providing a lower tax liability. However, couples should always figure […]
— Read moreSeveral federal tax provisions have expired as of November 2013, and Congress has yet to respond to the issue. While the public waits for Congress to approve extender legislation, which probably won’t happen until late December at the earliest, there are a few changes that will significantly impact taxpayers filing for 2014. Industry specialists suggest […]
— Read moreFor tax purposes, marital status is decided by your legal position on December 31st. Couples who have divorced or legally separated are considered “unmarried individuals” for the entire year, regardless of when the decree went into effect, as long as neither has remarried before the last day of December. Divorced or separated individuals who file […]
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