The end of a marriage is not only tragic, but it also leaves a number of logistical and financial problems in its wake. One of the issues that many separating couples may need to educate themselves about is how a divorce will change their tax burden. Here are four topics that might make the first year of tax-paying after divorce more complicated — and how to deal with them:
1. Filing as married or single depends on when you got divorced. You can continue to receive the tax benefit of filing jointly as a married couple only if you were still officially married for the entire tax year in question. For example, if you are in the process of a divorce that will be finalized in January of 2013, you and your spouse can still claim a married status on your taxes for 2012. If, on the other hand, your divorce is finalized in December 2012, then you will both have to file as single.
Filing as head of household is one possible way to avoid the marriage status conundrum and still save some money on April 15. In order to qualify for this status, you must file your return separately from your estranged spouse, you must have lived apart from your spouse for at least the last six months of the tax year, you must have paid over half of the cost of maintaining your primary residence, and you must be able to claim your child or children as your dependent.
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Summertime is here! And with the warm weather comes fun in the sun and a whole host of new woes that go along with blistering heat and moist humidity. Here are 7 frugal ways to deal with common summertime ailments without breaking the bank.
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All of us feel as though we aren’t in control at times. I know that there have been times when I don’t feel in control of where our money is going. Sometimes, I don’t feel in control of what is happening in my life, or in my work. I feel swept along by events, and unsure of what will happen next. At times like these, it’s tempting to throw my hands up, and abdicate all responsibility for what comes next.
However, this only means that I really won’t be able to control what happens next in my life. There are times when it’s vital that you just seize control, and be ready to take the next step in your life. This means that you need to focus on what you can control, right now.
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Most of us have a job where hard work is expected and necessary. We offer our knowledge and/or labor to the company we work for in order to get recognition, satisfaction and compensation in return. Although this is the way most people make money, the minute we stop working, the income stops.
On the other hand, a popular idea that’s been floating around the internet is passive income. The idea of it is that money is being earned with or without our involvement. Once it’s set up, the recurring income will come continuously.
Anyone can quickly see why this idea is popular. Here are three extremely good advantages:
Provides Freedom [ continue reading… ]
Imagine waking up one morning, slapped in the face because you no longer have a job. Living paycheck-to-paycheck used to haunt you, now it’s a dream come true compared to the life that lies ahead.
Over the last few years, this stark reality has crashed head first into a shocking number of Americans, just like you and me. When it happened to my family, we were slapped on the back of the head, caught off guard – cold water poured over the top of our reality.
One day we were struggling to pay our bills, the next, we were struggling to live.
”Struggling to pay our bills,” meant struggling to pay our bills and live life without a share of fun. With kids, you can’t exactly lock yourself away from the world without spending a dime on entertainment. Not unless you want mutiny. So we always made sure to save a little extra money each month for family outings and miscellaneous fun.
Save and spend, save and spend, save and spend. That was our pattern, and where we went wrong.
Don’t make the same mistake we made.
Saving for That Rainy Day
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Being on the road for half of the season, I have been in a number of different hotels. From Marriot to Microtel, I have hit just about every chain hotel available. This has led to a number of very unique experiences, and I learned a number of different ways to make my stay enjoyable. There are a couple different things you can do:
How to Pick the Right Hotel
This is something I rarely have the luxury of doing. While our team has a set hotel, you may have the option to pick where you stay. This is advantageous for a number of reasons.
When you can pick your own hotel, you can choose the location. Any given city has a number of different hotel options. If you don’t have a vehicle, choosing a location near restaurants and entertainment spots is important. How will you fill your free time? Don’t just pick your hotel solely based on the nightly rate, as the location is vital whether you are on a business trip or on vacation.
Amenities are another thing to consider in your selection. Does the hotel offer free WiFi? Does it have complimentary breakfast? Certain hotels offer shuttle services for guests, free of charge. Others may charge you a ridiculously high resort and parking fee. These sorts of options should be considered before selecting where you will stay.
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