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My fiance and I are considering getting married and were wondering what type of tax bracket it would place us in after marriage. My income is $200,00 per year and his is $175K per year. What will out taxes look like if we own no home (married and then unmarried) with very few deductions and no kids?

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Topics: Tax Rates Two Income Couple

12 hours ago, USA

If I were to exchange a foreign currency, in an amount that could be 8 figures,what must I do to have that be capitol gains and not personal tax? Should I use a trust for a business or a LLC?'

Answered by Kathryn Morgan

Topics: 1025 Exchange Currency Exchange

It depends. It's really got nothing to do with the fact it is being converted into USD. It has to do with where the money came from (not the... Read More

Comments (0) 13 hours ago, Nevada, USA

We have five children all about to enter college over these next few years. Can you tell me about the different types of education tax benefits available?

Answered by Kathryn Morgan

Topics: Education Tax Benefits

Assuming you do not have any 529 type plans in place, there are two types of education benefits available to most taxpayers. The education... Read More

Comments (0) 3 days ago, USA

What are the requirements for contributing to a retirement plan after I retire?

Answered by Kathryn Morgan

Topics: IRA Contribution Retirement Plans

In order to contribute to most retirement plans you must have earned income either from wages or self employment. So if you truly are retired... Read More

Comments (0) 3 days ago, USA

We would like to donate an automobile and art to a charity and need advice on the proper way to make these donations. Any advice you can provide will be appreciated.

Answered by Kathryn Morgan

Topics: Donate Property

If any one item is worth more than $5000 you must have a written qualified appraisal done before the donation is done. This must be attached to... Read More

Comments (0) 3 days ago, USA

How much money can I gift my children tax free each year in the United States? What are the rules and regulations surrounding tax free gifts?

Answered by Kathryn Morgan

Topics: Tax Free Gifts

For 2013 you may gift any person up to $14K without triggering a gift tax return on your part. The gift is never taxable to the recipient unless... Read More

Comments (0) 3 days ago, USA

Q: Is my charity (as planned), legal? I plan to spend the donations to help the Philippines. (Far as I know "FAIK", this is OK.) The Q is about fund raising: The catalytic "Donate the Loan" process. Donors usually give from "cash on hand", resulting in sums far smaller than what the maximum allowed amount is. So: 1, the charity gives $1000 to the donor. He signs a doc that he will repay this from his tax refund. (provisions are made for loan forgiveness if catastrophic reduction in earnings occur.) .

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Topics: Charitable Deduction Charitable Donations

3 days ago, USA

What forms to I file with the IRS to receive child care credit for my threes sons? What age must they be to file for child care credit? How is this credit calculated when their is a child sharing agreement between divorced parents? What if the court orders state the children go with one parent yet the other parent takes the deduction?

Answered by Kathryn Morgan

Topics: Child Care Credit

The child and dependent care credit is figured on form 2441. The child must be under 13 years old, unless disabled. The credit is based on a... Read More

Comments (0) 4 days ago, USA

Can you tell me what is covered under the new flat rate home office tax deduction?

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Topics: Home Office Deduction

5 days ago, USA

Australian citizen lived and worked in the USA for 10 years. Company bought out his contract and therefore working visa expired. Australian citizen now working in Europe and paying tax rate of that country. Does he need to declare this foreign income to either Australia or the USA?

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Topics: Foreign Income

1 week ago, Australia