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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6 Ways to Save Money Next Tax Season

6 Ways to Save Money Next Tax Season by Susan Moussi

{4:30 minutes to read} Having just completed the 2015 tax filing season, I have been reflecting on some of the situations that caused me and my team to spend more time on preparing tax returns this year. The cost of tax preparation is based on the amount of time needed to prepare the return, so identifying places where changes can be made throughout the year can help save my clients money next year.

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The Alimony Recapture Rule: What It Is & How to Avoid It

The Alimony Recapture Rule: What Is It & How to Avoid It by Susan Moussi

{2:10 minutes to read} The alimony recapture rule is a potential tax consequence when alimony is paid for a period of fewer than three years and when there are dramatic drop-offs in the amount paid from year to year. 

There are times when alimony may be paid by one spouse to another for a very short period of time. When this happens, the payor of alimony risks the possibility of having to report so-called phantom income. 

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Using a Budget to Shape Your Financial Future

Using a Budget to Shape Your Financial Future by Susan Moussi

{2:55 minutes to read} Most people find the task of putting together a budget daunting and frustrating. They might hope to get through a divorce, or even life, without ever actually preparing a budget. However, I strongly encourage people to give careful thought and consideration to the task of preparing a budget and to give it their best effort.

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Divorce and Social Security: What You Need to Know!

Divorce and Social Security: What You Need to Know! by Susan Moussi

{4:00 minutes to read} Social Security benefits are in a constant state of flux; eligibilities and rules are always changing, and the rules are complex. Fortunately, there are professionals who specialize in Social Security benefits exclusively and maintain knowledge of the changes and eligibility requirements. I provide my clients with information through this ever-shifting landscape, but if their situation is out of the ordinary I will refer my clients to a specialist.

In this article, I will share with you some of the information I routinely share with my clients.

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A New Year’s Resolution for Every Age

A New Year’s Resolution for Every Age by Susan Moussi

{2:00 minutes to read} At this time of year, many of us are thinking about what our resolutions will be in the new year. We usually resolve to do things we think will enrich our lives at the time. But sometimes, with the benefit of hindsight, we see later that we could have made wiser resolutions and priorities. I have more than 30 years of working experience and 55 years of living experience, and would like to share my own work and life suggestions for five age ranges:

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