When is a Joint Return Not a Joint Return?

When is a Joint Return Not a Joint Return? by Susan Moussi

{2:21 minutes to read} The tax court recently ruled on a case complicated by a divorce that was in-process at the time of filing. The lack of clarity, in this case, resulted in time, aggravation, and expense for both parties—highlighting the need for clear and indisputable documentation.

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Organizing Tax Documents? Remember—Statements, Not Screenshots

{1:37 minutes to read} InformationOrganizing Tax Documents? Remember—Statements, Not Screenshots by Susan Moussi seems to be available at the touch of a screen or click of a mouse. If one wants to know the balance in an account, in a brief moment, one can quickly pull up the summary on their desktop or smartphone. 

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I’m Getting Divorced. What Will Happen to My Home?

I’m Getting Divorced. What Will Happen to My Home? by Susan Moussi

{3:55 minutes to read} Aside from the emotional attachment one may have for their home, there are also financial attachments. The residence may be the 1st or 2nd largest asset acquired during your marriage. Below are some questions you may want to ask yourself when making decisions about what to do with the home.

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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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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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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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5 Things Divorced Parents Need to Know Before the Next Tax Season

5 Things Divorced Parents Need to Know Before the Next Tax Season by Susan Moussi

{4:20 minutes to read}  As spouses finalize their divorces, agreements are usually reached as to how the parents will account for their child on their separate individual income tax returns.

Here are five things you need to know about child-related deductions and tax credits:

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