Apparently no one decided to "Say A Little Prayer" for Dionne Warwick, who just last month announced she filed for bankruptcy after learning she owed $10.2 million in back taxes.
In the eight months since my husband's sudden death, I made it through the first Thanksgiving, Christmas, Valentine's Day and Easter. For each one, I had friends and family in place to spend time with. The last thing on my mind was the need to be prepared for grieving around the "first" tax preparation.
What gives me the right to teach you about household budgeting? Well, I've been there and done that. And as the saying goes: "I've got the T-shirt". After 18 years of marriage, it was over. Why it was over doesn't matter. Whose fault it was doesn't matter. That was part of my "moving on."
Relax—if you and your man have different ideas about what to do with your hard-earned cash (i.e. you like to save, he likes to spend), you can still have a healthy, romantic relationship, according to a new study from Chemistry.com that focused on love and money.
Marriage certainly offers a great number of advantages - government, medical and legal benefits, companionship, teamwork, family, stability, love, and much more. However, there are also ways in which couples can be penalized for being married. One common misconception is that married couples receive greater tax benefits than single filers or unmarried couple who file separate tax returns. In reality, depending on each individual couple's financial circumstances, the opposite may be true. Conception of the Marriage Tax Penalty
As if relationships weren't complicated enough, we're forced to add math, paperwork and the IRS into the mix this time of year. It almost makes us want to take our chances and hide from Uncle Sam on a tropical beach somewhere. But before plotting your own escape, consider these six big tax mistakes that couples make—and how to avoid them.
Paul and Judith have been together for 17 years. They live together, renovated a house together, and share a home workspace. But they are not married. "Neither of us has ever been married, and we don't intend to marry each other. There are no practical reasons to do so—no kids (unless you count our elderly diabetic cat, Julius), no employer-paid health insurance—and several tax-related reasons not to." Nonetheless, they face the same financial strains and decisions that a married couple comes up against. This is the story of how an unconventional couple manages their finances, and why they've chosen this path.
Being the child of a divorced family, I got to see first hand how lawyer bills stack up and how a woman's scorn can lead to a man sleeping in a car without money, food, or change of clothes. With this memory in mind I prepared myself for the unfortunate event that my wife and I would split. Little did I know that my earnest preparation would become fuel for the flame of an almost divorce. It all came out during tax season.