Marriage and Taxes

Lower Rates For Some Marrieds Filing Separately

Married couples need no reminder that they usually benefit from joint filing when one mate earns all or considerably more of the income than the other

Featured Articles

Joint-Return Rates for "Surviving Spouses"

There is a special filing break for some widows and widowers. They may be entitled to the benefit of joint-return rates for two years after their mate dies.

Divorce Settlements: Watch Out For Tax Traps

The breakup of a marriage forces a couple to deal with many complex financial problems. In negotiating an agreement, the couple's main concerns might be alimony, child custody,.. more

Home Sales Strategies For Married

A recent tax code revision generally allows couples filing jointly to “exclude,” meaning escape from taxes, as much as $500,000 in gain on the sale of a "principal residence”

Effects of the Marriage Penalty

So your spouse is thinking about going back to work after a hiatus. You are both looking forward to all that expected cash and everything you can do with it. But after the marriage tax hits, is it really worth it?

Legal Fees For A Divorce: What Is Or Is Not Deductible

Generally, the IRS refuses to allow a tax deduction to ease the pain for a couple who split and incur legal fees and other costs to obtain a divorce

What is the Marriage Penalty?

The couples most likely to be hit with the marriage penalty are those that are compromised of two-income earners, especially when both spouses have similar incomes and/or are high-income earners?...more

Invalid Divorce - Breaking Up Is Hard To Do

Nowadays, most states have eased their divorce laws. But despite the general easing, it is not uncommon for a court of one state to invalidate a divorce obtained in another state.

Divorce Versus Annulment

According to the dictionaries, there is a difference between a divorce and an annulment. The courts grant a divorce to mark ... more

Uncovering Hubby's Hidden Assets

Divorces can be expensive, from fees for attorneys or expert witnesses to appraisals of homes, businesses or other assets. And the costs soar when couples take to the courts.

Dependency Exemptions For Children Of Divorced Or Separated Parents

To claim anyone as a dependent, the key requirement is the support test. As a general rule, you must furnish over half of the dependent’s total support for the year in question.

Criteria for Innocent Spouse Rule

In 1988, the law made a vast improvement for protecting innocent spouses from the wrongdoings of their significant other thorough the Innocent Spouse Rule. There are two different types of innocent spouse relief ? traditional relief and separate liability...more

Getting Ready for Single Parenthood

Unfortunately, after a divorce decree has been finalized, many single parents will find that they are paying more income tax now than before while they were married. This is usually because rather than being able to file as married filing jointly, they must choose a different, higher rated filing status. Find out how to save yourself some tax dollars...more

Future Investments for Your Children

It has been estimated that for a public college 4-year education the cost will be over $100,000 and for a private 4-year education the cost will exceed $200,000 by the time your child reaches college age! See how to afford it by following our simple steps?

Child & Dependent Care Expenses

You may be able to claim credit for expenses paid to someone to take care of your child who is under the age of 17or for your spouse or other dependent, totalling up to $2,400 per year. more

How to Report Your Child's Investment Income

If you choose to report the investment interest of your child under the age of 14 on your return, you could unknowingly increase your taxes and become ineligible for certain deductions and credits that you could normally claim. Is it a wiser choice for you to file your child?s return separately?

Saving Taxes with Alimony Payments

Alimony is a payment to a spouse or a former spouse under a divorce or a separation decree. Alimony is tax deductible for the payer and is considered taxable income for the recipient. Learn some strategies for making that alimony work to your tax advantage.

Adoption Credit

You may be eligible for a tax credit of up to $5,000 to $6,000 for the adoption of a child. The child must be...more...

Child Tax Credit: How Does it Work?

You can claim a credit for each child you have under the age of 17 provided that your income is in a certain range. To compute this credit, more...

House Passes Marriage Tax Penalty Relief

Will all those married couples out there still be penalized this tax year for what seems like the crime of simply being married? Maybe not!

Investment Accounts for Children

For those parents concerned about the financial future of their children, thee are two basic options available for setting up investment accounts for your children. Each comes with its own set of tax rules. Find out which makes the most sense for your family.