We can't expect everything to be roses when two become one, and taxes after marriage can be surprisingly complicated (not that taxes are ever a simple cup of tea). Combining two salaries means you have a bigger pot to brew, but it could also mean that you end up paying more taxes as a married couple than when you both were single. Or it could mean less taxes.
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Graduating from college comes with a slew of mixed emotions and a world of opportunities, including some that may not have crossed your mind. Kiplinger's June 2008 issue recognizes that tax breaks aren't part of most students' college curriculum and rounded up all the tax breaks it could think of for newly graduated 20-somethings.
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Some of the biggest domestic news last week was the announcement that California's Supreme Court overturned the ban on gay marriage. The ruling means that same sex couples will be able to obtain California marriage licenses and will be treated with the same state rights as heterosexual couples. In terms of benefits and taxes, CA has already been more inclusive of same sex couples than other states, and to find out exactly how the new ruling will affect these areas just read more
Because gay marriages won't be recognized by the federal government, certain rights will still be withheld from same sex couples that choose to tie the knot.
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The IRS continues to update their FAQs about the stimulus checks and has now stated that If you owe federal taxes from previous tax years or have other debts you owe such as a student loan or child support, those uncollected amounts can be taken from your rebate check.
According to the IRS, everyone eligible for a check will receive a notice shortly after your payment has been issued that explains how your payment was calculated. If you're someone whose payment was reduced to offset back taxes or other debts, you'll receive a separate notice from the IRS a couple of weeks after you've gotten your rebate check and first notice.
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TeamSugar member frevirg pointed out one aspect of the rebate check schedule that I hadn't yet highlighted. While I paid for my tax service as soon as my tax return was filed and used my bank account, some tax services allow filers the option of having those fees taken directly from their tax refund. Frevirg was proactive and navigated around the TurboTax website, and found the following information that may be useful to some of you.
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