In recent years much has been written about the “marriage penalty” when it comes to federal income tax. As a group known as the Tax Foundation states it “An unmarried couple with equal incomes that earn a combined $300,000 would have a total tax bill of $83,232.50 ($64,374.50 from the individual income tax and an

It isn’t just the accountants who suffer in April.  Not that they garner much sympathy but lawyers who do divorce work are also afflicted by a tsunami of telephone calls that begin a couple days before April 15.  Most begin with:  “My spouse is in the driveway demanding that I sign the returns he just

Our partner in the Tax and Wealth Planning Group Owen Knopping recently sent us the first draft of the New Medicare Tax Form (#8959). Although it is boldly stamped as a draft it is a useful tool to have when calculating the tax as it captures how the IRS sees the tax calculated.

The tax

IRS

On September 12th, the Pennsylvania Commonwealth Court issued a ruling which barred the Montgomery County Orphan’s Court Clerk, D. Bruce Hanes, from issuing any more same-sex marriage licenses.  As an example of the near constant local and national machinations of the same-sex marriage and the aftermath of the Supreme Court’s Windsor decision, a

We have reached April and the spring season; the time of year when divorcing couples either fight over tax deductions or stupidly sign joint income tax returns when they should not.

Here are some tips that might save you a call to the lawyer and the bill associated with that call:

 

1.             Tax Deductions:

It is that time of year again: Tax Season. If you have not already, shortly you will start to receive your 1099’s, W-2’s and other financial documents needed to prepare your tax returns. 

But this year, more so than in prior years, you may benefit from reviewing not only your basic tax forms, but other financial