Marriage and divorce are deeply personal matters that involve strong emotions. But the IRS doesn’t care a bit about your feelings. Uncle Sam just wants to get his money. That’s why, if you’re thinking about getting married or divorced, you need to answer this rather unfeeling tax question:
“Should I get married or divorced before December 31?”
The answer can have huge tax consequences! And what about your children? Do you have them on the payroll? And what about the cash gifts you’ve been making to other relatives? Are you handling them properly tax-wise?
You’ll find the answers to these and other important questions when you read my new article titled Tax Tips: 4 Year-End Tax Tips for You and Your Family.
Three ways our fact-filled article can help you:
- We’ll explain why you should put your children on the payroll. If your under-18-year-old child helps out in your business, you really should pay them wages. Why? Because doing so can save you money on taxes. You’ll get the whole story when you read the full article.
- We’ll tell you why it makes sense to get married in 2012. If you’re thinking about getting married in 2013, you might want to rethink the timing and get moving now. From a tax point of view, it probably makes sense to start sprinting down the aisle. All will be explained when you read the full article.
- We’ll tell you how to “time” a divorce. If you’re happily married you can skip this item. But if a divorce is in the works, it makes good tax-planning sense to run before-and-after divorce tax-scenarios. We’ll explain our reasons when you read the full article.