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Goodbye 2016... Hello 2017!

12/12/2016

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Can you believe 2016 is almost over!? I can't... but since it is this will be my last blog post for the year. Starting in 2017, I will only be blogging once a month until the end of tax season. But don't abandon me, I will still be posting regular content to my social media sites.

Here are a few things you should be thinking about as 2017 descends upon us:
  • Always reevalute your tax situation at the end of every year. Did you add a new member to your household, lose one? Divorce and marriage are also factors to consider. If necessary submit a new W4 form to your HR dept. Your W4 determines how much is withheld in Federal and State taxes from your paycheck.
  • Check your retirement accounts. Double check that all your contributions have been correctly credited to your account and that your company match is also being appropriately credited (not all companies match). If you don't have a retirement plan through your employer consider opening an IRA. Speak to an investment professional to determine which IRA is right for you. You have until the tax deadline to contribute for the previous (2016) tax year.
  • Consider what would have made 2016 an even better year and make that your 2017 resolution. To accomplish your goal(s), write it down and then write out a plan to achieve that goal. Seeing your goal and plan in writing is so powerful!
My 2017 resolution is to procrastinate less. To accomplish this I will need to be more disciplined. I will need to make a schedule and stick to it. And thats exactly what I've already started to do.

Merry Christmas, Happy Holidays and Happy New Year!

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Do You Know What Your Filing Status Is?

12/5/2016

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As we near the end of the year it’s time to start thinking about (dreaded?) taxes! Personally, I love tax season but I understand most everyone else isn’t as excited as I am. And because of that I like to share a bit of my knowledge through this blog.

This week it’s all about your filing status. Filing status refers to the manner in which you file your tax return: Single, Head of Household (HOH), Married filing joint (MFJ), Married filing separate (MFS) and Qualified Widow(er).

Your filing status can change year to year. In fact it can change more than once during the year. Let’s say on January 1 you’re unmarried without children but on February 1 you marry. You are considered married for the entire year and you and your spouse will need to decide if you will be filing MFJ or MFS.

Now, if (heaven forbid) you and your spouse separate you may actually need to file single depending on the date of separation. If you and your spouse did not live together during the last 6 months of the year, you are regarded as unmarried at the end of the year and may file as a single person. You may also be considered single if you are legally separated from your spouse. Whew, you’ve had a busy year!

The other filing statuses may seem less complicated but they all have their own set of instructions to follow. Here is brief breakdown of each:

Single - considered unmarried at the end of the year and no qualifying persons to claim.
HOH - Single but are able to claim a qualifying person.
MFJ - You and your spouse will be filing a return with both your names as the heading.
MFS - You and your spouse will file separate returns (similar to filing single).
QW - Your spouse has passed away and you have dependent children (similar to MFJ but spouse will be listed as deceased).
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There are other nuances to each of the above status and as always contact your tax profession to determine that you are filing with the proper filing status.

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