Category: Divorce

  • Paperwork You Can Toss After Filing Your Tax Return

    Paperwork You Can Toss After Filing Your Tax Return

    Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But…

  • Providing Education Assistance to Employees?  Follow These Rules

    Providing Education Assistance to Employees? Follow These Rules

    Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training…

  • Who Qualifies for “Head of Household” Tax Filing Status?

    Who Qualifies for “Head of Household” Tax Filing Status?

    When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more…

  • What Is Your Taxpayer Filing Status?

    What Is Your Taxpayer Filing Status?

    For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December…

  • Two Major Tax Law Changes for Individuals in 2019

    Two Major Tax Law Changes for Individuals in 2019

    Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that was already difficult for many taxpayers to meet, and it may be even harder to meet this year. The TCJA temporarily…