11th Hour Tax Filing Changes for 2016: Are You Affected?

{2:05 minutes to read} Two important and recent changes may impact your 2016 tax-filing process.

11th Hour Tax Filing Changes for 2016: Are You Affected? by Susan Moussi

Health Coverage Status

The President’s Executive Order on January 20th, 2017, directed federal agencies, including the IRS, to begin implementing plans for a full repeal of the Affordable Care Act (ACA). As of this past February, health coverage status is no longer required to be reported on the individual tax return for the 2016 tax year.

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The Tax Impact of Crowdfunding

The Tax Impact of Crowdfunding - Susan Moussi{3 minutes to read} Crowdfunding is simply any method by which money is raised, for any reason, from a crowd. Back in the pre-computer days, the terminology would have been “fundraiser.” It’s only the means by which the funds are raised that has changed, not necessarily that it hasn’t existed before.

The tax treatment of a transaction often depends on the intent of the donor. Most online crowdfunding campaigns are donation based. Funds are raised to help some charitable cause. It is also the most misunderstood. Continue reading

End-of-Life Discussions & Decisions

End-of-Life Discussions & Decisions by Susan Moussi

{3:30 minutes to read} The subject of this article comes from my personal experience this past fall with the death of my husband, Cliff. Cliff was diagnosed with brain cancer in 2014. Life took on a new normal, and we had nearly two years after his diagnosis to take care of planning, completing paperwork, and discussing his wishes.

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Take Control: Use These Techniques to Keep Divorce Costs Down

Take Control: Use These Techniques to Keep Divorce Costs Down by Susan Moussi

The process of divorce is expensive. According to Lawyers.com, a survey indicated that the average cost of divorce in Ohio is $12,500—including $9,000 in attorneys fees alone. The remainder of the costs generally covers administrative, filing, and expert fees.

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Are You Aware of 2016’s Tax Law Changes?

Are You Aware of 2016’s Tax Law Changes by Susan Moussi

{2:47 minutes to read} As we get close to the end of the year, it’s important to remember and be aware of some tax law changes that came into effect in 2016.

Child Tax Credit

This is the $1,000 credit for which parents of children under the age of 17 are eligible. Nothing changes about the way the credit is calculated or who is entitled to it. What changes is that you now have to have in place a Taxpayer Identification Number (TIN) for that child by the due date of the return.

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Did You Hire Your Child This Summer?

Did You Hire Your Child This Summer? by Susan Moussi

{2:37 minutes to read} Summer is a great time to be a child. The school is out, and pools are open. However, for parents, summer is still a time to work. Some parents may want their child to work for them, because it will teach them life lessons about earning and saving money. Also, when they pay a child for work they perform, parents have an opportunity to shift income from their higher tax bracket to the child’s lower tax bracket. The child can then contribute their earnings to an IRA.

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For as Long as We Live or Money Do Us Part

For as Long as We Live or Money Do Us Part by Susan Moussi

{3:19 minutes to read} Before you say, “I Do,” make sure you discuss important financial matters with your betrothed.

  • According to bridalguide.com, the most popular months to get married are June, September and October.
  • An article in The Atlantic has identified the average age for first marriages in the US as 27 for women and 29 for men.
  • According to a Pew Research Center online report dated November 14, 2014, remarriage is on the rise for people aged 55 and over.

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Tax Rules Regarding Legal and Professional Fees

Tax Rules Regarding Legal and Professional Fees by Susan Moussi

{3:35 minutes to read} Tax rules regarding legal and professional fees can be complex and sometimes disappointing.

Complex since there are certain legal and professional fees for which you can get an immediate tax write-off. In other cases, you can add these expenses to the cost of the relevant item and write it off over a longer period of time. Disappointing because some aren’t deductible at all, and oftentimes they are only beneficial as a deduction when they exceed 2% of your adjusted gross income. Here’s what you should know:

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