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Tag Archives: Filing taxes

Why You Should Begin Working on Your Taxes in the Fall

Why You Should Begin Working on Your Taxes in the Fall

Fall brings with it cooler weather, football, and warm, spiced foods and drinks. For many, it is also the time to start thinking about upcoming holiday purchases and activities. But these are not the only thing you should be doing as the season changes and the leaves start falling. There are also reasons you should begin working on your taxes in the fall. 1. File Taxes Earlier Spending time preparing for tax season throughout the year, and particularly in the fall, allows you to file your taxes earlier come January. Instead of rushing around trying to make sense of unfiled papers and receipts you will already have much of the work done. One way to do this is to stay organized. File your receipts, bills, and other important documents as you get them. If you haven’t been doing that, take the time this fall to catch up before the New Year arrives. Another thing that can help is to stay in touch with your tax preparer or accountant. Take time now to set up an appointment with them for late January or early February. You will be able to go over your taxes then and get them filed early. 2. ...

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Tax Tips For Separated Parents

filing taxes as a single parent

Entering into a marriage comes with many romantic notions, but is also comes with practical ideas as well, such as the combining of finances and assets. The same practical language applies to those experiencing a separation. In addition to the emotions and other feelings that often pop up, there are other “to-do” items, such a tax filing, which must be considered and taken care of in a matter-of-fact way. If you are unsure about your tax filing status, here are some tips that separated parents must consider when filing. Tax Tip #1: While the IRS doesn’t offer deductions for divorce-related court costs and legal fees, it does allow deductions for portions of fees that relate to tax advice and alimony. This is significant because it can cover the services and counsel provided for all categories of taxes including property, estate, and income taxes that may come into play during a separation. Tax Tip #2: Filing status is one of the most common questions that separated parents face. It’s best to know this: if you were not separated by the end of the year, on or before December 31st, the IRS will consider you married for the entire tax year. That ...

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