For all of you high net worth women (and wannabes), the Wealthy Girl Summit is just two weeks away! I am honored to be a featured speaker at this groundbreaking event, a Virtual Wealth Building Conference for women of all ages and means.
At the conference, which takes places January 24-27, I’ll be joining other experts such as Christine Comaford Lynch, a world-class entrepreneur and author of “Rules for Renegades.”
I’m thrilled to report that bestselling author Marci Shimoff is also on the bill. Marci is known throughout the world for her transformational seminars, and you may remember her from the movie, “The Secret.” Her latest book – “Happy for No Reason” - is a must-read for anyone looking to create wealth and happiness from the inside out.
The Wealthy Girl Summit is a fantastic opportunity to learn key strategies for building and maintaining wealth. The first three seminars are live, and offer you an opportunity to participate by asking questions. Day Four is a “Million Dollar Entrepreneur” Video Webinar that you don’t want to miss, a roundtable discussion featuring the Wealthy Girl experts discussing the keys to wealth through entrepreneurship.
I’m all about virtual anything, so I’m extra excited to be part of this event. Women from all over the country can participate at the same time, without leaving the comfort of your own home or office. What could be better than that? (Okay, maybe eating chocolate or getting a pedicure while you attend the virtual seminar. But that is SO doable!)
See you there!
Saturday, January 12, 2008
Tuesday, January 01, 2008
Before You File
My post today is for all of you eager beavers who get their taxes filed as soon as that W-2 lands in their lap. Marrying a divorced man doesn’t just mean filing jointly, it also means your own net worth may be affected by his support obligations.
If your hubby owes back child support, there’s a good chance that your tax refund will be applied to that balance. Not only that, you may never get it back. Even if your guy really doesn’t owe any back child support, and you can prove it, if the “computer” thinks he does, you’re out of luck.
Likewise, if your guy owes back taxes, your refund could be taken to pay off that balance. Again, once you’ve filed jointly, there’s very little recourse with respect to your refund.
So what’s a girl to do? File a separate tax return.
As much as you were looking forward to signing your tax return together and then toasting the milestone with a lovely glass of Cabernet Port, you’re better off postponing that moment until your guy is free of tax debt and/or child support obligations.
There are some drawbacks to filing separately when married, such as the loss of a few deductions, but there are also a whole host of other reasons why filing separately is the best course of action for high net worth women (and wannabes).
Even if you make so much money that a tax refund is a distant memory, it’s important to consider the potential consequences filing jointly may have on your finances.
It’s a complicated subject, one that you can learn more about in my book, Every Single Girl’s Guide to Her Future Husband’s Last Divorce. I also go into detail about the various options you have to further protect yourself from your husband’s past.
In addition to reading my book I also recommend you discuss these issues with your CPA. If you don’t have one, get one. You’re playing with the grownups now. Bring a copy of my book with you to your consultation – not every CPA is well versed on the subject.
Before you file, get educated about the state of your hubby’s finances, and the pros and cons of filing jointly. The deadline is April 15th, you know. You don’t always have to be the first in line!
If your hubby owes back child support, there’s a good chance that your tax refund will be applied to that balance. Not only that, you may never get it back. Even if your guy really doesn’t owe any back child support, and you can prove it, if the “computer” thinks he does, you’re out of luck.
Likewise, if your guy owes back taxes, your refund could be taken to pay off that balance. Again, once you’ve filed jointly, there’s very little recourse with respect to your refund.
So what’s a girl to do? File a separate tax return.
As much as you were looking forward to signing your tax return together and then toasting the milestone with a lovely glass of Cabernet Port, you’re better off postponing that moment until your guy is free of tax debt and/or child support obligations.
There are some drawbacks to filing separately when married, such as the loss of a few deductions, but there are also a whole host of other reasons why filing separately is the best course of action for high net worth women (and wannabes).
Even if you make so much money that a tax refund is a distant memory, it’s important to consider the potential consequences filing jointly may have on your finances.
It’s a complicated subject, one that you can learn more about in my book, Every Single Girl’s Guide to Her Future Husband’s Last Divorce. I also go into detail about the various options you have to further protect yourself from your husband’s past.
In addition to reading my book I also recommend you discuss these issues with your CPA. If you don’t have one, get one. You’re playing with the grownups now. Bring a copy of my book with you to your consultation – not every CPA is well versed on the subject.
Before you file, get educated about the state of your hubby’s finances, and the pros and cons of filing jointly. The deadline is April 15th, you know. You don’t always have to be the first in line!
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