Category Archives: Taxes

April 2, 2019

Avoid Tax Surprises – Adjust your W-4!

It’s important for divorcees to review and adjust their W-4 payroll withholding or start to make quarterly tax estimates following their divorce. Often, they are so relieved to have reached settlement, they fail to think about these housekeeping items. If Continue reading…

February 18, 2019

Notable 2019 Contribution Limits

Categories: Money and FinancesTaxes

As we move into 2019, it’s helpful to know contribution limits and Social Security changes. Individual Retirement Accounts: The annual contribution limits for traditional and Roth IRA’s have increased to $6,000, a boost of $500 over 2018 contribution limits. The catch-up Continue reading…

February 3, 2019

Tax Planning – Bonuses Gone Bad!

It is important to review and discuss tax planning for the year in which a divorce was completed, especially for high earning individuals who receive incentive compensation and plan to be divorced by December 31, 2018. As part of the Continue reading…

January 20, 2019

Splitting Investment Income on Tax Returns

When a joint investment account is divided, the financial institute will use only one Social Security number to report the earnings and thus only one 1099 will be issued for that account. For example, following their divorce, Dick and Jane Continue reading…

January 20, 2017

Should I Stay or Should I Go? The Tax Impact of Selling Your Home During Divorce.

 When divorcing, whether one spouse stays in the family home is often a pivotal decision.  For most, there are several considerations that go into deciding whether to sell or stay.  The tax impact of selling the marital home is unlikely Continue reading…

May 16, 2016

Single Parents Often Walk a Financial Tightrope

Being a single parent demands so much of a person’s time and energy that taking care of longer-term financial concerns often take a back seat. So many single parents face financial restrictions that make it seem they are constantly on Continue reading…

December 1, 2015

How Long Should You Keep Important Documents and Records?

It will really help your efforts to organize your financial affairs if you know how long you need to keep statements or documents. A survey by Consumer Reports showed that only 40% of respondents thought that they could find a Continue reading…

November 25, 2015

Estate Planning After Divorce

As part of organizing your financial affairs following a divorce, you should also make preparations for your financial affairs after your death. Planning your estate is an essential part of getting one’s financial matters in order at any point in Continue reading…

November 23, 2015

Cost Basis: What Is It? Why Does It Matter?

As another tax season comes to a close, there are people all over the country digging through shoe boxes and file cabinets trying to meet their tax accountants’ request for cost basis information on an investment they sold last year. Continue reading…

November 10, 2015

Charities: What You Give vs. How Much You Give

Categories: BudgetingMoney and FinancesTaxes

The holiday season is when many people do a significant portion of their charitable giving for the year. Once you have decided which charitable organization to support and how much, you should also consider how to give that support. What Continue reading…