Mary Lee Miller, EA, LLC

Divorcees can save on taxes — if they take this one step

Why single parents could be missing out on a tax-saving opportunity CNBC If you’re planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the “head of household” status is another battleground for divorcing couples. Darla Mercado | @darla_mercado Published 2:07 PM ET Mon, 26 Nov 2018  Updated 3:22 PM ET Mon, 26 Nov […]

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Eliminating Tax Debts in Bankruptcy

Most taxes can’t be eliminated in bankruptcy, but some can. Updated By Kathleen Michon, Attorney You may hear radio commercials offering the hope of eliminating tax debts in bankruptcy. But it’s not as simple as it sounds. Most tax debts can’t be wiped out in bankruptcy — you’ll continue to owe them at the end of a Chapter 7 bankruptcy case, or you’ll have to repay them in full […]

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9 awful things that could happen if you don’t pay your taxes

msn money ~ Maryalene LaPonsie You could get hit with penalties IRS penalties can include: Failure-to-file penalty: If you don’t file taxes, the IRS generally charges 5 percent of the amount owed for each month or part of a month that a return is late. Failure-to-pay penalty: If you file a return but don’t pay the taxes due, your penalty is generally 0.5 percent of your […]

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The 10 Tax Law Changes Most Likely to Affect Your 2018 Personal Return

By Bill Bischoff, MarketWatch Almost all of the Tax Cuts and Jobs Act (TCJA) changes that will affect individual taxpayers kick in starting with their 2018 Form 1040. Here are the 10 changes that are most likely to affect your return. Lower Individual Rates Much bigger standard deductions but no more personal and dependent exemptions. New limits on deductions for state and local taxes. Read Full […]

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Why Googling Yourself Is Not Just for Fun Anymore

When we consider risks to our online presence, there’s no such thing as low stakes. Untoward information floating around online could cost you your dream job at minimum or compromise your personal safety in the worst case scenario. But how do you know if any of this damaging information is out there? A good place to start is with a Google search of your name. […]

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Want a Tax Cut? Here’s How Much Typical Americans Saved in 2018

~ Dan Caplinger (TMFGalagan) Find out how middle-income taxpayers will benefit from tax reform — in most cases. Tax time is nearly upon us, and for once, taxpayers are actually looking forward to filing their 2018 returns. That’s because tax reform laws took effect for the 2018 tax year, and so people are naturally curious how much they’re going to save as a result of […]

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Note to (My Younger) Self: Don’t Make These Dumb Money Moves

Debt sticks around long after the stuff you charge on your credit card (with interest) Living paycheck to paycheck is a bad idea “Retail therapy” only makes you feel better temporarily Read Full Story Here

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IRS Forms 1099 Are Coming: Pay Attention To What You Receive

~ Robert W. Wood, Contributor Although most Forms 1099 arrive in January, some companies issue the forms throughout the year when they issue checks. Whenever the forms come, don’t ignore them. Each form includes your Social Security number. If you don’t include the reported item on your tax return, bells go off at the IRS. Read Full Story Here

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It’s tax season — this is how email scammers are trying to fool you

~ Kari Paul, reporter for MarketWatch If the IRS is going to contact you, they’ll initiate contact with a paper letter in the mail, an IRS spokesperson confirmed to MarketWatch. The IRS will only call you in rare circumstances. “Tax season is prime phishing season for cybercriminals,” said Atif Mushtaq, chief executive officer of Pleasanton, Calif.-based security provider SlashNext. “Because email security tools have become […]

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Be Tax Smart About Leaving Assets to Your Heirs

By ROGER A. YOUNG, CFP®, Senior Financial Planner | T. Rowe Price January 31, 2019 The way you withdraw money in retirement can affect the next generation’s tax burden. Sometimes it’s best to go against conventional wisdom when it comes to when to tap taxable, tax-deferred and tax-free retirement savings. So, you’ve planned well enough to be able to leave some money to your children […]

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