February 9, 2012 – 11:16 am
Individuals that pay alimony (also known as “spousal support” or “spousal maintenance”) to a former spouse can deduct these payments on their personal federal income tax returns. In turn, the alimony recipient is required to claim the payments as income.
Before a payor takes an alimony deduction they should make sure that their payments meet the IRS qualifications for alimony. Ideally, this was addressed and discussed in detail with their divorce attorney to ensure that the alimony was structured in a way that would allow a deduction. If you are not sure whether your payments are deductible you should consult … Read more at 2009 Taxes
By Steve
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Also posted in tax credits, tax deductions, Tax Law, TurboTax
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Tagged alimony, Deductible, internalrevenueservice, irs, Payment, requirements, Scott Morgan, tax, Tax deduction, TurboTax, United States
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January 16, 2012 – 7:28 pm
Some reports from an IRS watchdog have indicted the federal tax agency for certain practices regarding offshore account disclosure. An arm of the IRS known as the Taxpayer Advocate Service has been responsible for reporting these kinds of voluntary disclosure policies aimed at wealthy Americans. According to the watchdog report, the IRS has failed to cap penalties in cases of this kind of disclosure.
A standard practice of the IRS has been to reduce the penalties for those who willingly disclose that they have hidden offshore bank accounts. These taxpayers have often accumulated this wealth from overseas jobs or from … Read more at 2009 Taxes
By Steve
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Tagged Accounting, Bank, Banking in Switzerland, Business, Internal Revenue Service, internalrevenueservice, irs, Office of the Taxpayer Advocate, Offshore bank, tax, tax return, United States
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February 3, 2011 – 11:56 am
Most people realize that some form of life insurance is almost mandatory these days. Given the costs associated with providing for any family’s needs, the death of one spouse can leave a deficit in the family budget that simply cannot be replaced without life insurance. Whole life is one of the most popular forms of permanent life insurance for precisely that reason: because it offers guaranteed benefits and cash value upon the policyholder’s death. That does not, however, mean that it is wise to just run out and buy the first prepackaged whole life policy that you encounter. There is … Read more at 2009 Taxes
By Steve
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Also posted in Retirement Savings, Tax Law
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Tagged Business, Death, Financial Services, for, Home, Insurance, Insurance policy, life, Life insurance, Mortgage loan, retirement, roth ira, turbo tax, United States, whole
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I do not recommend that anyone try to make extra money by doing data entry. There are a few reasons for this and I will go into them in more detail. For the most part, it is like a scam because you can never really do enough work in order to make anything like a decent wage.
Doing data entry from home is not going to produce as much income as, say, writing freelance articles would. Instead of entering data, consider writing articles instead and getting paid a few dollars per article. This may not sound very exciting, until you … Read more at 2009 Taxes
