When you are divorced or separated, the change generates some tax consequences that are important to take into account when preparing to file your annual federal income tax return. Filing Status Married taxpayers who file a joint return have a preferential federal income tax rate. The year you are divorced or separated, you filing status ...
It is Christmas 2006 and I just turned on the TV and there’s a big, blue banner that reads “JAMES BROWN HAS DIED” and I’m pretty certain that the news anchor is talking about the legendary but sometimes troubled singing phenom and not the hefty sportscaster that always wears nice suits. As the day passed, ...
Common law marriages are discussed often enough, but what happens when a common law marriage doesn’t work out? One would think that since no ceremony or certificate occurred with the marriage, then the divorce should be just as easy, but that isn’t always the case. How you can obtain a common law divorce depends on ...
Whether or not you are considered married has significant consequences for federal income tax purposes. If you are considered married you can combine your income in a joint return and will generally pay less tax than you would if you filed separate returns using the single status. If you are considered married you could also ...