Tax Warrior Chronicles

Standard vs. Itemized Deductions: Which is Best for You?

Posted on Fri, Jan 18, 2019

By: Cecilia Fernandes

 

You can claim the standard deduction or itemized deductions on your tax return. You can use whichever gives you the lowest tax liability, but you cannot claim both.  In 2018,  personal exemption amounts are no longer allowed. So, which is best for you? In today’s post, we’ll explore some facts that may help you decide.

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Cupid’s Arrow – Tax Tips for the Soon-to-Be Betrothed

Posted on Tue, Feb 14, 2017

By: Clare Porreca, CPA, MT

 

It’s Valentine’s Day and love is in the air!  As newly-engaged couples plan weddings and focus on dress colors, cake flavors, and honeymoon destinations, we offer some tax tips and advice.  Today is, after all, the annual day of love. And, Tax Warriors love saving you tax dollars!

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Your Relationship Status, From the IRS’s View

Posted on Fri, Feb 13, 2015

Most of you will not send love notes with your tax returns to Uncle Sam this year. There’s something just a little creepy about that guy. But, as you and your admirer celebrate your love this Valentine’s Day, give a thought to what Uncle Sam might think of your relationship. The IRS does not follow the same relationship rules as Facebook, so we put together the summary below to help you choose the right tax filing status.

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LGBT Marriage & Taxes – Tie the Knot or Finalize the Adoption First?

Posted on Wed, Mar 19, 2014

After the historic June 26, 2013, Supreme Court ruling that Section 3 of the Defense of Marriage Act (aka DOMA) was unconstitutional, many LGBT couples happily committed to legal marriage in 2013 and even more are considering nuptials in the near future.  However, many couples, for a variety of reasons, have not yet taken the plunge.  Our LGBT tax consulting experts have identified several economic and tax considerations LGBT couples may want to quantify when assessing the financial impact of marriage.  This is the second post, in a series of blogs, that addresses these issues.  Last week, we began the series with a post that about who should claim the kids when a couple isn’t married.

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