Do you qualify for a pension from your employer? Is a reduced pension option available to your spouse in case you die? WAIT: Read over this post very carefully. Although taking a reduce pension in order to get your spouse payments for life seems like the right choice, it usually isn’t! Read over the comments …
Be wary of firms that advertise about getting you out of large IRS debts for pennies on the dollar. I am sure that you have seen many firms on TV, such as Roni Deutch , Tax Masters, J.K. Harris and others advertising that they can get you out of your IRS debts for pennies on …
Lower Your Taxes What do you do if you have lost or destroyed records?You can use the desperation , otherwise known as reconstruction method. IRS and CRA allows you to reconstruct your records if they were lost due to circumstances beyond your control such as flood, fire, earthquake,theft. You can’t reconstruct records if they were …
Do you own life insurance on your life or that of your spouse? If so, you could be in trouble, estate tax and probate wise, unless you take certain steps noted here. Life insurance owned individually is included in your estate for estate taxes and if paid to to the estate, could be subject to …
Do you plan on selling your home in the near future? If so, you might want to sell it before the year 2013. Starting in 2013, there will be a 3.8% medicare surcharge in all taxable gains. If you have gains over $250,000 single or over $500,000 married, any excess is taxable for both capital …
Here is a trick that I have used to lower dental costs. There are some costs that aren’t covered by dental insurance such as implants, which I needed. Even braces, if covered,only cover part of the costs. Thus, what did I do. I contacted a dental discount plan that included the oral surgeons and/or dentists. …
Sadly, many folks get divorced. When married, they probably filed joint returns making them jointly liable for all tax debts. However, there is some relief. If the IRS goes after you for something that your ex-spouse did, you can elect “innocent spouse relief” that allows you to be taxed on your share of income and …
Divorce planning: Don’t even think of getting a divorce without reading this blog. 1. Anything generally assigned to alimony and not child support is deductible by payor. Child support isn’t deductible but is tax free to recipient 2. Always try to limit alimony so that it doesn’t go up with your income if you are …
