However, this date just so happens to fall in the middle of tax season when thousands across the country find themselves in debt to the federal government. So if you had to write a big check to the IRS then you may want to try one of the following tax saving Valentines Day gifts.
North Highlands, CA (PRWEB) February 12, 2008
With Valentines Day just around the corner Tax Lady Roni Deutch has posted blog entries on 5 tax free Valentines Day gifts and the difference between being single and married in the eyes of the IRS.
Although most people in the United States are probably worried about Valentines Day, Tax Lady Roni Deutch, as well as any one else in the tax industry, is already thinking about taxes. April 15th may still be two months away, but taxpayers across the country are already filing their tax returns. Some are likely to get huge refunds, but millions are probably looking for ways to reduce this years tax liability after finding out they owe the IRS hundreds from last year. To help these taxpayers Roni Deutch has posted a blog outlying the top 5 tax saving gifts to give this Valentines Day.
"Valentines Day is known across the country as a day to give gifts to your loved ones," claims Ms. Deutch. "However, this date just so happens to fall in the middle of tax season when thousands across the country find themselves in debt to the federal government. So if you had to write a big check to the IRS then you may want to try one of the following tax saving Valentines Day gifts."
1. Give Money to a Spouse
2. Setup a Retirement Account
3. Make a Charitable Contribution
4. Pay College or Medical Bills
5. Give a Business Branded Gift
Keeping with the Valentines theme Ms. Deutch has also added an entry on the differences between being single and married in the eyes of the Internal Revenue Service.
"Studies show that Valentines Day and New Years Day are the two most popular days in America for couples to get engaged. However, few people even consider taxes when they make this decision forgetting that getting married will have a large impact on their next tax return. To celebrate the upcoming holiday we have put together this article explaining the difference between single and married filing status."
"Upon getting married, there are a number of things you will need to consider for tax purposes. First of all, one person is probably going to need to change their address and/or name with the IRS and Social Security Administration. You will need to file form SS-5 with the Social Security Administration and IRS Form 8822 with the federal government."
"Once you are legally married, you can no longer file as single. You must file either Married Filing Jointly, Married Filing Separately, or Head of Household. Please keep in mind that there are tax consequences that arise from being married. If only one spouse earns a salary then you actually get a marriage bonus. However, if both people are wage earners, then you face the marriage penalty. This is because when you file jointly your income is taxed at your highest marginal rate."
"In 2003, Congress attempted to fix the marriage penalty with an increase in the standard deduction for married couples filing jointly. The amount was increase to $9,700 for the 2004 tax year, then to $10,000 for the 2005 tax year."
Millions of people recognize tax attorney Roni Deutch as television's "Tax Lady." She has been helping taxpayers nationwide resolve their tax liabilities for nearly seventeen years. As an industry leader, she has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes.
About Roni Deutch:
Roni Deutch is the founder and owner of Roni Deutch, A Professional Tax Corporation, a tax resolution law firm, and Roni Deutch Tax Center. Her law firm has been helping clients find solutions to their back tax liabilities for seventeen years. To learn more about tax attorney Roni Deutch you can visit her Avvo profile, YouTube Channel, or Digg Profile.
Roni Deutch, A Professional Tax Corporation
877-232-8477 Ext. 1914