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Divorce, Separation, And Your Tax Status

Divorce, Separation, And Your Tax Status

If it’s been a tumultuous year as you go through a divorce or separation, you have likely overlooked the fact that things will be different the next time you file your taxes. Now that you’re newly divorced, it’s important to know that your taxes will be drastically different next spring, and could potentially deal you a huge financial blow. What else do you need to know about filing your taxes after a divorce? 

Getting Transcripts From The IRS

Getting Transcripts From The IRS

A lot of time has been stressed on this blog about the importance of keeping diligent tax records. You never know when you will need to review a prior year’s return, or when you will be audited and need to provide evidence and proof in defense of your return. It is recommended that you keep copies of your tax returns for at least three years. If you did not keep a copy of your return, it is available from the IRS for a fee. However, some scenarios may not require the actual return from the IRS. Tax transcripts are available from the IRS for free. 

Don’t Roll The Dice – Reporting Your Gambling Winnings

Don’t Roll The Dice – Reporting Your Gambling Winnings

If you enjoy gambling, whether it be at a horse track or inside a casino, there are some important things to know regarding taxes and your winnings. Gambling income is considered taxable income, and “income” is not strictly limited to cash. Any non-cash items won, such as cars or trips, will be taxed at fair market value. It is important to report your gambling winnings when filing tax returns.

Tax Tips – Teenage Taxpayers with Summer Jobs

Tax Tips – Teenage Taxpayers with Summer Jobs

Working during the summer is a great way for your teenager to learn responsibility. Not only do they have to show up on time in a clean uniform and work hard during their shift, but they must also be responsible with their money. You can teach your teenager fiscal life lessons with each paycheck they receive. Are they spending their money properly? Are they saving their money? Why is money being taken out of their paycheck every week, and where does that money go? Summer employment is a great way for your teenager to begin learning about money and taxes.