Tag Archives: taxes

Unacceptable: Same Sex Couples Are Paying An Extra $6,000 In Taxes Each Year

Jessica WakemanDecember 28, 2011 //
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Same-sex couples are forced to pay an extra $6,000 a year in taxes because the federal government does not recognize gay marriage, according to an analysis conducted by CNNMoney. Heterosexual couples who are legally married receive financial tax benefits that these gay couples — who may be in committed relationships their whole lives — cannot claim. As CNN notes, each member of a same-sex couple is forced to file their federal tax returns as “single,” even if they are able to file jointly on a state level if they live in a state where their marriage is legally recognized. You can read in more detail here how CNNMoney and tax specialists for H&R Block calculated exactly how gay couples get royally screwed. Treating gays like second-class citizens is not only shamefully unjust — i’ts expensive. [CNN] Keep reading »

6 Financial Decisions From My 20s That I Regret

Jessica WakemanJuly 29, 2011 //

I’m not even going to sugarcoat it: I’m basically the poster child for the white girl from the suburbs whose dad just took care of all the bills growing up and never taught me anything about finances. They were traditional that way: Dad handled money stuff and Mom handled childrearing stuff. My parents never gave me spending money and I always babysat and worked after school jobs. However, other than generally teaching me that I had to earn my own money, neither of them talked me to at all about saving, investing, 401ks, interest rates, or any of that other its-like-speaking-another-language stuff. I had to read blogs and buy books to myself about money (Nice Girls Don’t Get Rich by Lois P. Frankel is a good one). Still, I wish I’d made some financial decisions differently. (Luckily, I’m only 27, so it’s not too late to start!) Keep reading »

Adele Hates Paying Taxes As Much As Us Normal Folks

Jessica WakemanMay 29, 2011 //

“Trains are always late, most state schools are s**t and I’ve gotta give you like four million quid. Are you having a laugh? When I got my tax bill in from [her first album] 19, I was ready to go and buy a gun and randomly open fire.”

— Could Adele be any more relatable and down-to-earth? It turns out the hottest singer in the world right now hates paying taxes as much as the rest of us. (Don’t worry, she has an accountant!) It also sounds like Adele is super-generous with all the money she’s earned: she bought two homes in London for herself and her mom and set up trust funds for several cousins who are “young mums.” I love this woman. [The Sun UK via Q Magazine]
Keep reading »

Money 101: Do Good With Charitable Donations – And Get Deductions, Too!

Rainbow KirbyJanuary 28, 2011 //

The onslaught of tax return documents starting arriving in my mailbox a few weeks ago — from banks and places of employment (I had a few last year) — and I began to feel the familiar and perennial angst; tax day is coming! I stuck most of them in a pile to be looked at later, you know, like in March. But when I spotted a letter from my church the curiosity got to me. What I didn’t expect was to be so disappointed in myself. It listed my total donation from the past year and it was paltry! Who the heck was I donating more to – my local bartender and hair colorist?

Going forward, I resolve to donate more, but I also want to find more charitable organizations that appeal to my passions and interests. Plus, I feel incredibly guilty for using those free address labels from Smile Train and not sending a check back. For some tips on how to align charitable giving with personal financial goals and be prepared for tax time, The Frisky reached out to finance expert and author Manisha Thakor. Keep reading »

Dolce & Gabbana In Some Deep Legal Doo-Doo

Leonora EpsteinNovember 23, 2010 //

Italian luxury label Dolce & Gabbana is facing some serious legal trouble after being formally accused of tax evasion. And according to the charges, this isn’t a discrepancy of just a few million, but more like a debt of $1 billion. While the designers claim innocence, there’s definitely something fishy with the case. Keep reading »

Money 101: How To Start Prepping Now For Your Inevitable 2010 Tax Return

Colleen MeeksNovember 15, 2010 //

You’re not going to like this. But now — mid-November — would be a really smart time to start thinking about your 2010 taxes. Yes, going to the gynecologist sounds like more fun. And, sure, right now the only taxes you’re thinking about are the sales taxes on your holiday purchases, but consider this: with a little bit of planning this winter, you can save yourself a lot of stress when you file your 2010 tax return. For tips on how to get your files organized before you file, we talked to Lee Molotsky, managing partner of The Molotsky Tax Advisory Group and co-host of “THE MOLOT$KY MONEY HOUR” radio show. You will thank us. Keep reading »

Cash & Coupling: Guys Are Intimidated By The Fact That I Do Their Taxes

Meg G.April 20, 2010 //

Men are insecure when it comes to a woman running their finances. Trust me — I know. As a tax accountant, I have seen more grown men cry over their tax situations than at a funeral home. Perhaps it’s that they don’t take care throughout the year to monitor their tax situations. Then again, maybe it’s that they don’t like the idea of a woman having better financial ideology than they do. Although there are likely many reasons why men are intimidated, I have some theories of my own.
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Money 101: Tax Deductions You May Have Missed

Chelsea KaplanApril 19, 2010 //

The U.S. tax code has over seven million words in it. Seriously — seven freaking million! Amongst all those pages and phrases are a variety of tax deductions that you can use to reduce the bite that Uncle Sam is taking out of your hard-earned wages. The good news: there are loads. So, if you’re in the dark, consider these suggestions from Manisha Thakor, personal finance expert for women and author of On My Own Two Feet: A Modern Girl’s Guide to Personal Finance. Keep reading »

How To Make Doing Next Year’s Taxes Less Painful

Catherine StrawnApril 16, 2010 //

If you’re like us, you probably spent the better part of the week ripping out your hair as you collected and combed through bank statements, pay stubs, and W-2s to get your taxes finished on time. (You sent in your taxes by yesterday, right?!?!) Since we don’t want to experience a similar last-minute meltdown next April, we asked Regina Leeds and Russell Wild, authors of One Year to an Organized Financial Life, for advice on what we can do now to make next year a lot less painful. Keep reading »

Money 101: Last-Minute Tax Tips, Tricks, And Advice

Amelia McDonell-ParryApril 15, 2010 //

Oh, hey there. Guess what day it is? April 15th! No, it’s not my birthday. It’s Tax Day! Alright, so maybe this isn’t an occasion for excitement and joy, but whether you like it or not, taxes must be paid by midnight tonight (unless you are filing an extension or giving the finger to Uncle Sam like these celebs). With that in mind, we’ve compiled some straightforward advice for you tax-filling slackers who waited until the very last second to file — like yours truly. Keep reading »

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