Uncovering Hidden Divorce Assets Can Be a Tricky Game to Play
Divorce is difficult but it's even harder when a spouse has stashed away some money. The first best place to look is in a tax return. Start with Schedule B, where dividends, interest, capital gains and losses are matched with known investments. When the math doesn't add up, it's a red flag that there might be a secret account. Another clue is when a departing spouse overpays a credit card with the intent of applying for a refund after the divorce is final.
http://turbotax.intuit.com How do you file taxes when you are divorced? If you are in the process of divorcing your spouse, you may be interested to learn about how your tax return will change once you are no longer eligible to file a joint return. Find out more about divorce and taxes with this helpful tax tips video from TurboTax.
Combine stock gains, exercised options, bonuses and mutual-fund distributions with higher tax rates and disappearing deductions and some investors face whopping 2013 tax bills. Advisers did what they could to prepare, but some are now selling bonds, which they feel face an uncertain environment, to meet the payments.
People need to manage and protect their digital assets, including their online reputation, says Anthony Fittizzi, Managing Director at U.S. Trust. For example, Fittizzi says consumers should use one credit card for online purchases and another for day-to-day shopping. He also warns against putting social security numbers online. Finally, people should vigilantly monitor their account statements to protect themselves from online thieves.
There¹s no room for error when it comes to the IRS, which is probably why 59% of Americans pay someone to do their taxes for them. According to the National Society of Accountants, taxpayers with straightforward returns will pay an average of $152 this year, while those who itemize their deductions will pay $261. H&R Block, which employs tax preparers rather than certified accountants, charges an average of $198. But is that worth the cost?
How much separation should there be between your finances and your spouse's? Watch the discussion with Alexa von Tobel, Founder and CEO of LearnVest.com. Part of the series Mondays with Marlo on MarloThomas.com
Studies have found that the more couples fight over money, the more likely they are to break up or get divorced. So how long after dating should people open up about finances? Should they consider never combining their finances?
In this video Lawrence Lawler, National Director of the American Society of Tax Problem Solvers, describes the alternatives a taxpayer has to resolve problems with the IRS. He covers numerous IRS programs a taxpayer may use to deal with unpaid taxes.