You’ve probably heard the saying, “The higher they rise, they harder they fall.” And when it comes to the financial dealings of celebrities, it can certainly ring true. After all, a person who earns $50,000 a year isn’t going to be ordered by the court to pay $3 million in annual child support payments. But…
Welcome back and thanks for joining us again. We’ve been discussing the issue of alimony recapture and how it can affect you in Oakland County or anywhere else in Metro Detroit. As we pointed out in the previous article, alimony recapture is what happens when the IRS thinks you’re trying to disguise property settlements or…
Are you divorced, and paying alimony to your ex as part of your divorce agreement? If the answer to that question is yes, then there’s something important you need to know about your alimony payments and Internal Revenue Service (IRS). Namely, you can get taken to the cleaners by the government if they suspect any…
Welcome back and thanks for joining us for this discussion on how to have “that talk” – you know, the really hard one you have with your fiance about why you should get a prenup. In our previous article we introduced the subject, and looked at the first two items on our list of four…
Most couples who are in love and planning to tie the knot, are caught up in the romance of wedding planning. The things they’re discussing in everyday conversation tend to revolve around flowers, locations, music and guest lists. What they don’t tend to think about, or want to talk about, is what they’ll do with…
If you’re considering getting divorced in the future in Oakland County, you need to know that the new Tax Cuts and Jobs Act (TCJA) will be changing the way alimony is taxed for all separations and divorces after 2018. What does that mean, and how could it affect your finances in the future? We’ll explain……
Need extra cash so your band can cut their first demo? Simple – PledgeMusic has you covered. Want to raise money for your grandmother’s cancer treatments? GoFundMe is probably one of your best options. Have a great idea for a new business venture, but you don’t have the cash to get it off the ground?…
If you’ve been paying attention to the news, then you know that tax laws are changing. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act, which cuts the corporate tax rate, the individual tax rate, and the income tax rate. It also doubles the standard deduction and eliminates personal exemptions. But…
In our introductory article in this two-part series, we talked about the importance of both spouses having a handle on your family’s finances. Not because one of you isn’t equipped to handle it, but because life is unpredictable. Should something unplanned take place, like disability, death or divorce, perhaps you won’t have to pay an…
Welcome back. In our previous article we discussed a few tax tips for alimony, spousal IRAs and even name changes. This week we share with you some pointers about Health Care Laws that you may need to consider during tax season. However, before we begin we remind our readers that both health care laws and…
