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Taxes on Individuals & Families

Alot goes through your mind during a divorce.  A Divorce can be an emotionally draining process.  One often overlooked area is taxes.  If you are in the middle of a divorce or just thinking about it, you need to be careful.  Divorce has serious tax implications, and the choices you make now may affect you for many years.

  • Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking.  If you make the wrong decision, it could affect who inherits those assets.

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    Did you hire a handyman, housekeepr, gardner or nanny or some other individual to work for you this year?  If these individuals don't do work for other people and you paid them more than $1,800 in 2013, you may have a payroll tax obligation.  This tax obligation is commonly called the nanny tax.

  •  Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that are all too real.

  • The Internal Revenue Service has announced that married same-sex couples will be treated just like opposite-sex couples for federal tax purposes provided that they were married in a jurisdiction, domestic or foreign, that recognized their marriage as legal even if they live in a state that does not recognize same-sex marriages as legal.

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    If you were unfortunately the victim if a fire, flood, or tornado. and your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.

  • How close to the edge are you when it comes to tax phase-outs? As you begin your fall tax planning, consider the effects of these benefit-limiting provisions, many of which are based on modified adjusted gross income, or MAGI. Knowing how close you are to the "edge" can help you preserve tax breaks for 2013.

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By Dugan Lopatka - Accountants for Midsize Businesses in Chicago:  CPAs for Small Businesses

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