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:

Continue reading

Don’t Be a Victim of Tax-Related Identity Theft

Don’t Be a Victim of Tax-Related Identity Theft by Susan Moussi

{2:55 minutes to read}

During the last tax season, I had several clients – even in my very small tax practice – experience a new twist in tax-related identity theft.

Clients received notices from the IRS thanking them for filing their 2014 tax return, although we had not yet even filed one. Someone else used their stolen Social Security number to file a tax return and claim a fraudulent refund. The thieves used stolen Social Security numbers and even stolen Employer Identification Numbers (EIN) from a business to create false W2 forms to support the false claims.

Continue reading

How a Neutral Financial Professional is Beneficial to the Collaborative Process

How a Neutral Financial Professional is Beneficial to the Collaborative Process  By Susan Moussi

{4:20 minutes to read} Collaborative law is one of the many options for dissolving a marriage. It is a relatively new method of resolving divorce issues without the customary court proceedings.  

When couples work together, along with professionals, they are usually able to craft agreements that are better suited to the needs of their family. In most cases, these couples arrive at a win-win outcome as opposed to a win-lose outcome that may otherwise occur in a courtroom.

Continue reading

3 Reasons Why You Need a Divorce Financial Professional

3 Reasons Why You Need a Divorce Financial Professional By Susan Moussi

{4:20 minutes to read}

If you are facing a divorce — or the possibility of a divorce — have you considered an experienced financial professional?

Here are 3 important reasons you should contact a financial professional:

Continue reading

TIPA: 4 Tax Deductions That Were Reinstated for 2014

TIPA: 4 Tax Deductions That Were Reinstated for 2014 By Susan Moussi

{2:09 minutes to read} The Tax Increase Prevention Act of 2014 (TIPA), which Congress passed on December 16, 2014, restores certain deductions and credits that were not going to be available in 2014. Here are four of the most common deductions:

1. The Qualified Tuition Deduction

  • If you paid education expenses last year, you have the option of getting a credit or a deduction for expenses incurred to pay tuition and fees.
  • You may be able to write off as much as $4,000.

Continue reading

Don’t Wait Until April! 8 Reasons to File Taxes Early

Don’t Wait Until April! 8 Reasons to File Taxes Early By Susan Moussi

{3:05 minutes to read} Do you file your taxes as soon as your documents arrive in the mail, or sometime in April? It’s open season right now. Here are eight reasons why, when it comes to filing taxes, sooner is better than later.

1. FAFSA Forms

This time of year, if you’re a parent of a college student, you may be filling out the Free Application for Student Aid (FAFSA). This form requires your tax information from the prior year. While you can provide an estimate only, it’s usually better to have the actual information.

Continue reading

Business Filing Deadlines for the 2014 Tax Year

Business Filing Deadlines for the 2014 Tax Year By Susan Moussi{3:30 minutes to read} At the beginning of every year, most businesses find themselves in a rush to complete all of the necessary tax documents within the allotted time set forth by the government(s). They are busy reconciling all of their accounts in order to provide their tax preparer with the information that is necessary in order to file their income tax returns – which may be due as early as March 15th in some circumstances.

Of utmost importance is the issuance of two important earnings-related documents: The W-2 and the 1099.   Continue reading