Why You DON’T Want a Large Income Tax Refund

You’re probably wondering, “Why wouldn’t I want a large tax refund?”  Short Answer: You’ll have more cash in your wallet all year instead.,.. Consider this… Most people don’t want to give the government an interest free loan for more than a year. They’re holding your money hostage while you may be cutting corners to cover all your expenses. You are not in any way required or obligated to overpay your taxes every year, so why put yourself at a disadvantage unnecessarily? Large Tax Refund Cases Over the past 30 years I have seen a few instances where taxpayers need to have a large refund. It comes down to one factor –… Read More

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Four Tax Considerations For Divorcing Couples

Tax season is upon us, and many divorcing couples need to think about what to do now, and what they should know for the future. 1. Consider filing a joint tax return during your divorce. If you are married there are two choices – married filing jointly or married filing separately. However if your spouse is a bit “aggressive” with his or her deductions and you sign that return, you will also be liable for any future tax balances and penalties, so be cautious.  When filing separately the same income is subject to a higher tax, which is a penalty of sorts. Also certain deductions are disallowed. In the case… Read More

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Additional Refunds With Amended Tax Returns

Did you know that once you file a tax return you have more time to claim additional refunds by filing an amended tax return? You may not have received documentation of a deduction by the filing deadline, or maybe you didn’t realize there was a deduction you were entitled to that you didn’t claim. Either way, there is a remedy… and in addition to the correction reimbursement, the IRS will pay you interest on any payment beyond June 1st after that particular tax return was due.  When Should I File Amended Tax Returns? This is how “THEY” explain it: “Generally, for a credit or refund, you must file Form 1040X… Read More

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Why An Emergency Fund Is A Must For Every Woman’s Financial Fitness

Your Emergency Fund is for that rainy day… While this seems to only make sense, you’d be surprised how many women don’t have an emergency fund. For some reason they don’t seem to think that they will need it, at least not soon. I’ve met too many women who wear those rose colored glasses and assume life will go on without any hitches. They’re the ones who get themselves into the most trouble. Lots of bumps in the proverbial road could come up. Here are a few: 1. You could lose your job. Believe it or not, no matter how secure your position, any number of things can affect the… Read More

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At What Age Should Women Begin To Create Their Emergency Fund?

The short answer is… it’s never too early to start, but also never too late to start.   Starting The Emergency Fund As A Pre-Teenager It’s never too early for a young woman to begin to learn the value of money, how to earn it, and how to save it. They should begin to earn money early. They can have a lemonade stand, deliver newspapers, walk dogs, babysit, and more. If you have a daughter who actually does things for you around the house, you could consider a small allowance. They can do dishes, help with laundry, yard work, and eventually learn how to use a lawn mower. Help them… Read More

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Grounds for Divorce Demystified

You’ve likely heard the term “Grounds For Divorce.” In the old world of divorce you had to have a reason for the divorce, and it couldn’t just be that you don’t get along anymore, or you’ve fallen out of love. As an example, here’s the list that was applicable in New Jersey: As per New Jersey Rules of Court: 2A:34-2 Causes for divorce from bond of matrimony.  a. Adultery… b. Willful and continued desertion for the term of 12 or more months… c. Extreme cruelty, which is defined as including any physical or mental cruelty which endangers the safety or health of the plaintiff or makes it improper or unreasonable to… Read More

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Ins and Outs of Staying Married for the Kids

So the love light has gone out. For whatever the reason you and your spouse are going in different directions. But you’re doing that while you’re staying together. Why? You’re staying married for the kids is a common answer. While you think this is a noble deed and you’re putting you kids first, you’re actually not doing them any favors. You may be making them just plain miserable. If this is where you are, take a good hard look at your children and see what they’re really going through. Don’t keep them in the middle. Before going any further, please understand that I would never attempt to influence anyone to… Read More

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Reduce Stress and Relax

DISCOVER YOUR IDEAL DIVORCE MINDSET   Did you know that both the financial and lifestyle outcome of your divorce and your resulting frame of mind is all based on your divorce mindset, and your emotions during the process? If not handled properly, it can break you to a point where you experience both the financial and the emotional divorce devastation for a long time after it’s all over. From what I’ve seen, most people don’t realize that there are actually two ways to approach divorce. One will break you, and the other will bring you smoothly to the life that awaits you. You have choices, but because you likely feel somewhat… Read More

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How To Avoid Major Divorce Planning Mistakes

Over the past two weeks I have read three financial planning articles on the web, and you might say I was strongly compelled to write about it. Apparently some estate planners have been recommending that after your divorce you should change your will, living will, medical directive and power of attorney. From a practical standpoint, the last thing you want to do is to wait until after your divorce is final to change your Last Will and the associated legal documents. You should seriously review and consider making changes before you even begin to plan for your divorce. In many states attorneys may tell you that once initial papers are… Read More

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