Think about the future here. Let go of the animosity (especially if you have kids!), because sometimes while the pain and tumult of divorce can be overwhelming, sometimes the money issues, especially with the house, can hurt even more! Something you honestly don't want....
You Might Be Divorcing Your Spouse, But Try Not to Divorce Your Entire Life
Might be asking much, but when it comes to your taxes, you have an option here (as crazy as it may be). You can live in the home together. Promote stability. Be civil. Care. This also keeps all tax obligations amicable and mutual, neither side benefiting or hurting more than it should.
And here's the bonus: you get more bonus tax advantages when you do eventually sell the home!
Also do keep in mind that just because you also own the home, doesn't mean you always have to technically live there either. However, your mail will continue to arrive at that house. So make sure the ex-spouse realizes that and doesn't shred the material every time he/she sees your name.
It's the Simplest Way to Get Taxes Figured Out About the House
It May Not Matter What Your Income Is Regarding Your Tax Return
Surprise, surprise, but you just might be talking to a specialist only to find out that you do, in fact, have to file that 2015 tax return regardless of how much you made. That could be a good thing, or it could just be an eh thing. Not necessarily a bad thing. Here's the thing, though:
What if you have unreported tip income? What then? Perhaps you're a waitress, and you've collected X amount of tips throughout the year. Did you know that by law you're required to file your taxes? The same goes for anyone who is self-employed: writers, dancers, lawyers. You have to be clear, though, on the requirement in the sense that you have to have made more than $400 in the past year. If it's less, no worries -- you don't need to file any 2015 tax return at all.
Additionally, recapture taxes are common, so pay close attention to that one as well. An example of that would be your typical first-time homebuyer credit, something you could be aware of when approaching the prospect of a H.O.P.E. to Own zero-down home with spotty credit, as we can help you with that. There's more to consider, though, such as:
Seriously, it's been on the news lately: there are 'fake' tax preparers out there. All they want is your money. They'll scam you into getting your tax return filed, and instead of the deposit going into your account, it just goes away -- never to be seen again. Where did it go? Who knows....
Here's One Way You Can Determine Whether or Not a Tax Preparer Is Indeed Fake: E-Filing
You might've heard of this revolutionary technology. It's the pride and joy of taxes this 2015 season. Just about every accountant knows about it. Why not this tax preparer? This person who practically looks like a cheesy car salesperson trying to get you to sign on the dotted line for a shiny piece of junk?
The fact is this: if this tax preparer really knew about the developments, legal aspects and other best practices involved with tax law and preparation, that preparer would know that e-filing is the wave of the future:
It's Safe
It's Reliable
It's Efficient
It's Quick
Who wouldn't want this out of their 2015 tax return?
Therefore, Pay Close Attention to Whether or Not Your Prospective Tax Preparer Actually Offers the Option to E-File
If not, you just might be dealing with a poser. Lose the poser and get it done right with a quick 2-hour tax return service from the H.O.P.E. Program. We promise you you're not dealing with a lemon.
Sadly, self-employment has had quite the bad rep, for obvious reasons. Tax reasons are included in that mix. Entrepreneurship, although celebrated widely, often doesn't get the same perks as traditional W-2, and that's a shame. Thanks to this year of 2015, when filing your tax return, you have a bit of consolation, particularly when dealing with social security, so bear this in mind, because it's important: you don't want to miss out on this tax deduction at all.
You Do, in Fact, Get a Benefit for Being Self-Employed on Your Taxes
It's a small one, but a benefit nevertheless. It should never be such a downfall to be a snazzy, trendy and hip entrepreneur with creativity in mind, expanding industry and developing new innovations to propel corporate America to the next level, so the IRS sees some consolation regarding social security, in that while you have to pay for that tax twice as a self-employed professional, you do get to write off the "employer" portion of those income taxes at 7.65%.
Granted, it's not as much as the 15.3% you have to pay based on the annual income you've generated, but when you consult with the tax guy and get the 2-hour tax return going fast, you might notice some other tax deductions balancing it all out.
Playing the Cards Right and Landing the Royal Flush
Yes, consider it like poker. Only there are no bluffs, no guesswork, no gambling, and no risk. With all these tax deductions you've learned about, you've got the skills necessary to get those two hours in easily for your tax return, Don't hesitate; get your taxes prepared right here.
The sooner you do it, the closer you are to winning that pot at the center of the table. Winner, winner, chicken DINNER!
I might be preaching to the choir on this one, but hear me out: you're not reading fluff about pop topics and relevant issues to connect with the real story at hand (which obviously is the coming tax return for 2015 you're going to file), and you're definitely smart enough to not fall for such an SEO blog tactic as this, because I'm doing no such thing.
Trust me: I have something for you here about tax deductions and tax returns you don't know about regarding charitable gifts. So listen up. This will get interesting (and turn to page 57 for our hymnal today this Sunday).
So You Think You Know Everything There Is to Know About Charitable Gifts?
Think again. Yes, you know you'll need some receipts for your tax deductions, itemized and proofed for your tax guy to look and go, "oh, yes, you did donate that playhouse for $10K, which cuts your taxable income down to whatever," and that does make you feel pretty peachy.
What you didn't know about your tax return is this: you can actually itemize much more than just monetary donations on your taxes. Pay close attention as you focus on that quick 2-hour tax return, because the simplest stuff could easily apply, resulting in an even bigger refund in your hands (or checking account).
Consider Cupcakes, for Example
Stay with me, choir. Please. Just follow my logic here. What many taxpayers don't realize is that goods and dollar bills aren't the only things you can itemize. There's so much more you can deduct from your tax return that you don't even realize, such as several out-of-pocket purchases that all by themselves wouldn't account for anything unless they result in a donation of some kind. Like cupcakes.
Consider a charity fundraiser for church, for example. What if you baked some cupcakes for such a fundraiser? Can you deduct those cupcakes on your tax return? Of course! But how?
Simply put, the ingredients that made those cupcakes can be written off of your taxes, because those ingredients made the cupcakes, which were donations to a fundraiser. Do you follow? It makes perfect sense.
That's One Sweet Tax Deduction
You'll never get a toothache as well from this, not like these other issues on your 2015 tax return could do. That's singing so sweet you could dance in the heavens with your cupcakes and reap the benefits of a beautiful tax refund.
Simply save your receipts for all your groceries, or at least the ones specifically related to what it takes to make any baked goods -- or anything donated, for that matter. Whatever funds you use to create or make something that ends up donated can be written off on your taxes. Remember that. Build to that crescendo, wait for it.... Hallelujah.
Yes, this one's for you, teachers and educators. All the hard work you do in managing the craziness that is a classroom with ADHD-stricken kids, problematic bullies and the occasional honor student pays off tremendously as long as you do remember that the IRS supports you 100%. We all do. Education is key.
It Would Then Make Sense That Tax Return Education Is a Must
So we're giving you the keys to financial success in the form of a tax deduction you might never have heard about. Tax returns can be a headache for anyone, not just teachers -- this, however, can make the payoff that much sweeter than any Granny Smith or Honey Crisp out there. As you, the teacher, consider your convenient 2-hour tax return without hassle, consider this: you can actually write off your expenses for your classroom. That's right -- up to $250 in sweet tax deductions. That includes:
Pencils
Notebooks
Pens
Paper
Books
Crafts
Paint
Crayons
Calculators
The best part is you don't have to itemize anything. Just know that if you have a receipt, you can verify it, and perhaps scan it for your own records, send it in, and have the IRS approve it (which would be a breeze), then guess what: you've effectively deducted up to that amount on your tax return. That's serious tax preparation, so get started with your 2-hour tax return right now.
You, the Teacher, Don't Have to Juggle Taxes, But....
Just don't forget about getting that apple from the student on the first day of school. All the tax returns in the world can't make up for that!
You might've read something about the IRS wanting to regulate certain tax preparers, and if that's the case, you're most likely wondering why. It can't be that hard, this thing called 'taxes.' They're just numbers! I dare you to try it. Try it. Try looking at all your figures, your annual income, and figure out this thing called 'tax brackets,' breaks and all that other lingo and jargon many certified public accountants would know (but not you).
Taxes Aren't Fun, People. And Neither Are These Tax Scams.
Why do you think we try and hire tax guys to do it for us? Why do you think we get in on this service for speedy 2-hour tax returns? Why do you think we end up reading countless bits of material online, such as this one about tax preparation for efficient and accurate returns and refunds in 2015? Taxes may not be fun, but they're essential, and not just because we could get that hefty direct deposit for Spring vacation purposes.
Because taxes are no joke, it's pretty easy to get scammed into something without realizing it. We've seen it for years. The IRS is quite aware of it. In fact, the agency has an annual list of tax scams that one could call the "Dirty Dozen." No joke.
"Dirty moviep" by www.movieposter.com. Licensed under Fair use via Wikipedia - http://en.wikipedia.org/wiki/File:Dirty_moviep.jpg#mediaviewer/File:Dirty_moviep.jpg
For this year of 2015, though, know that the idea of the 'tax scam' is an evolving beast of mammoth proportions, so it would do you well to always check up with the Internal Revenue Service about what to look out for. The IRS did issue its first warning back in 2014 over a telephone tax scam, but since then, things have gotten worse. Don't be fooled.
In particular, the new healthcare premium tax credit we'll be looking at for 2015 is a healthy target for scams. Consult with a tax attorney, as usual, and speak with a professional about it. Whatever you do, never answer the phone and talk to a supposed 'tax expert' trying to determine just how much you owe the government.
Be on Your Guard About These 2015 Tax Return Scams
Nobody likes getting swindled. And remember to watch out for enemy targets out there in the battlefield.
Professionals in the workplace see a great benefit, particularly when involving taxes, and if you're strategic about it, you can come out on top. The benefit, of course, I'm talking about is the "FSA," or flexible spending account typically used for out-of-pocket medical costs.
This Is What You Need to Do With an FSA Regarding Your Tax Return
What you have to understand is that FSA is technically part of your income. If you don't "put it away somewhere," it legally can be counted as taxable, possibly affecting your return (perhaps positively, perhaps negatively).
The key benefit with the FSA is its flexibility. You can do what you want with it, when you want with it, before the IRS ever gets your tax return. Additionally, there's one awesome extra with the FSA that you shouldn't forget about:
"Roll Them Over" Into the Next Year
What does that mean? Simply put, there may be a chance that you might not use all of what's on the FSA in any given year. Back in 2013, the IRS and United States Treasury made it possible for employees to carry over as much as $500 to the next benefit year. The added benefit, though, was a bit too late for 2014, but guess what: you get this for 2015. Take advantage of these tax benefits as well as this notice of something spectacularly easy, leading you to a nice 2015 tax refund.
Speak With a Tax Professional About Your 2-Hour Tax Return
Yes, those 2-hour tax returns and reviews make their waves and get people to turn their heads. It's all about convenience. In addition, with that fantastic convenience, you get the possibility of carrying over an FSA and putting more money in your pocket.
Taxes and healthcare plans often go hand in hand, and for good reason. The big talker here, especially with a tax return, is this is about money. Moolah. Dough. Presidential flashcards. That's just the fact of life. But when we're talking about, well, life -- quality of life, per se -- it makes perfect sense. The key to understanding this isn't just to be prepared for any issues in your life that might occur, but also to let the IRS know immediately as you prepare your tax return, especially after reading this press release about the issue.
Your Health Coverage Credit May Change
The reason why it might change is the fact that you will undoubtedly go through changes in your life as you get older -- as you get diseases, as you go to the doctor to find out that you have a dislocated shoulder, for example -- that will affect your health insurance. You know what that does? It'll affect your premium tax credit, so be aware of that.
What you need to do is report any changes to your healthcare exchange, receiving those advance adjusted credit payments ahead of time and preventing you from being saddled with those unexpected expenses for something you couldn't control. What does this do for you? Simply put, it'll prevent you from getting a smaller refund off your tax return, or even owing any money to the IRS at all. Take advantage, especially since you took the time to file that convenient 2-hour tax return already.
Some Life Changes That Could Affect Your Tax Credit
You shouldn't just take a good look at your health either. There are plenty of other things that could happen, affecting your taxes. Again, the key point here is to let the IRS know immediately. Don't wait. Don't sit on your butt. Take action the way a doctor would pull the stethoscope out and check your heartbeat.
That Way, You Can Let Your Speedy Tax Return Reap You Benefits
That's one certain way to start off the new year with a bang, right? Good or bad, whatever changes happen to you, just remember: it might be an adjustment, but thanks to taxes, credits and a great place called the IRS, you just might come out on top with a bit more money for your refund. Cheers.
I know I probably got many readers doing a double-take with that headline, as the beginning of the new year always harks to the rush-rush race of getting your taxes in immediately so that refund shows up right away. It's all about the clock. On your mark, get set.... go! And it makes sense given we have this spectacular service of a 2-hour tax return to make the entire process that much easier.
It's true, though. Go ahead and do your double-take and say "Whaaaaat?" because you heard me; I said it. You don't rush into the whole tax time thing. Here's the reason why.
Tax Returns Do Operate Under a "Window of Opportunity," so Take Advantage of It
Yes, there's a "deadline," per se, but know this: the IRS sets the starting date, in particular for the year of 2014 being January 21st, but by no means do you have to rush to run out of the starting line. Why?
Because laws do change here and there. Most recently, deadlines shifted from the 21st to as late as the 30th of January, so make sure to check up on the starting date and don't freak out. You'll be fine.
After all, what if you have a most recent pay stub arriving in the middle of January that the IRS would otherwise not get their hands on because you "jumped the gun," and that stub will have even more information about your total income from the past year? Makes it a bit easier on you. Less headaches. More possibilities for success and a speedy refund coming your way.
Tax Return Extensions Are Common
However, be aware of this new year as the possibility that delays from our lawmakers in passing those provisions might cause the tax filing date to get pushed back even farther. Be prepared. You don't get penalized for preparing your documents ahead of time, for sure -- but you might be leaving information out for the IRS that could otherwise prove useful, especially when you don't have to rush.
