Divorce changes almost every part of life—your routines, your relationships, your finances, and often, your sense of direction. Amid the emotional and logistical toll, it’s easy to overlook how significantly a divorce can also change your tax situation. From filing status to claiming dependents, taxes after divorce come with new rules and frequently, new decisions.
Understanding what to expect ahead of time can help you avoid surprises and start your next chapter with more financial stability and less stress.
Sudden money can feel like a gift—and, in many ways, it is. Whether the funds arrive through an inheritance, a legal settlement, a business sale, or another unexpected event, the moment can change your life in ways you didn’t plan for. What many people don’t realize right away is that it also comes with a long list of financial questions, decisions, and consequences.
Losing someone close to you is never easy. The grief comes in waves, often when you least expect it. And just when you're trying to navigate those emotions, you're handed a pile of paperwork and deadlines—many of them involving taxes. Few people are prepared for that moment, yet it’s one most families will eventually face. Knowing what to expect can make this difficult chapter a little less overwhelming.
Who Takes Care of the Tax Matters?
A new home comes with excitement, hope—and often, a lot of paperwork. While most buyers focus on curb appeal, location, and loan approvals, few think to consult their CPA before signing a contract. That can be a costly mistake. Your CPA doesn’t just file your taxes—they understand how a major purchase like a home can affect your financial picture for years. Before you commit, there are some questions your CPA hopes you’ll ask.
How Will This Home Affect My Tax Situation?
Summer is usually considered to be a time for fun and relaxation. For those who are lucky enough to get the summer months off, it can also be a time to add to job skills, credentials or even the household coffers. For that, a summer job can’t be beat. Whether it’s a casual part-time job for your child or a foray into a new field where you can test the waters for a possible career change, summer jobs are full of potential
Why Summer Jobs Matter
Throughout history, there have been times when the economy has gotten so bad that we dipped into a recession. A recession isn’t as bad as a depression. Even younger generations will have heard of The Great Depression, thanks in part to shows like The Waltons, and stories passed down from grandparents. A recession isn’t considered as bad as a depression, but it can be bad enough that people can lose their savings, their homes and even their dignity. History repeats itself and we’re bound to have a recession sooner or later. What can you do to prepare for it?
People talk about saving money like it’s a piece of cake. And for a lot of people—mainly those with a lot of disposable income—it is easy to stockpile cash. But for the rest of us with very little disposable income, or who struggle more with finances, saving is a challenge. But it does need to be a priority, because life is full of unpredictable situations where savings can be a lifesaver.
If traveling is a passion for you, there’s a way for you to enjoy it without breaking the bank at home. Did you know there’s an entire community of people who travel the globe for very little or even sometimes free? They know that collecting credit card points for miles isn’t just a little perk; it’s a potentially huge benefit that most people don’t take full advantage of. The biggest reason is often because the average person doesn’t have the time to spend digging into all the little tips and tricks.
Few things create as much anxiety among taxpayers as the possibility of an IRS audit. However, the reality of audits is often far less alarming than you might assume. While it is important to file accurate returns and follow tax laws, the likelihood of an audit is lower than most people think, and those who take a proactive approach to tax compliance have little to fear.
Understanding how IRS audits work, why they happen, and how to minimize audit risk can provide peace of mind and help taxpayers stay prepared in the rare event that an audit occurs.
Self-employment offers flexibility, independence and the potential for unlimited earnings, but it also comes with important financial responsibilities—one of the most significant being taxes, as your CPA can attest to. Unlike traditional employees who have taxes withheld from their paychecks, self-employed individuals must handle their own tax obligations, including making estimated tax payments throughout the year. Failing to do so can lead to underpayment penalties, interest charges, and financial stress when tax season arrives.
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