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

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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Paying or Receiving Spousal Support? Here’s What You Need to Know!

Paying or Receiving Spousal Support? Here’s What You Need to Know! by Susan Moussi

{4:00 minutes to read} Alimony is also known as spousal support. In Ohio, the laws that refer to spousal support are defined as payments made from one spouse to a former or current spouse. It is important to note that the Internal Revenue Service (IRS) uses the term alimony instead. The rest of this article will use the term spousal support.

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Divorcing Later in Life? Be Financially Prepared

Divorcing Later in Life? Be Financially Prepared by Susan Moussi

{2:00 minutes to read} Uncertainty. Unknowns. Regardless of age, divorce creates questions and concerns about the future. Depending on the age of the couple, the focus of these concerns varies. Younger couples are generally more concerned with how they can maintain the lifestyle that their children have grown accustomed to now that there are two separate households. Children, rather than retirement, for example, becomes the focus.

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