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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA |
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by Eva Rosenthal ... May 21, 2000 A couple of years ago I got tired of listening to my boyfriend complain about his taxes and told him, It's time to get married." So he did. To his girlfriend. (Well, he was really my former boyfriend by then, so ...) And he saved over $10,000! His is one of the few relationships left for whom the tax structure was designed. A couple with one income. I'd say it's like Father Knows Best, but her kids are grown and his live with the ex-wife. Do you get the impression they're a typical family these days? Sure. Except for the one income source, they are. But Congress hasn't caught on yet and they write the laws. Most marital relationships look more like this: Two incomes, one higher than the other, struggling to cover living expenses, debts, contingencies, a dozen different insurances, and some room for long-term planning ... if there's money left over after you fix the car, or call the plumber, take care of the braces, buy that very important Bar Mitzvah/ Confirmation/ Coming Out/ Baby Shower/ Birthday/ Anniversary/ Graduation present. Frankly, if you didn't have to pay taxes, there'd be money left over to take care of all this. Stop bellyaching. You might be able to reduce some of those taxes if you got divorced or didn't get married. Maybe the Flower Children of the Sixties had the right idea. What's the use of that silly piece of paper anyway? Love (or cash) will keep you together. Who needs a contract? Marilyn Monroe and Friends On this, Marilyn Monroe's birthday, I'd like to reminisce about her antics in trying to find a millionaire husband. She, Lauren Bacall and Betty Grable schemed until they tricked themselves into finding the men of their dreams. Seemed like a good idea at the time. Today, with prenuptuals, his-and-hers lives, taxes, etc., there is a strong argument for cohabitating. These days, you are likely to get more money from palimony than alimony! And while you're together, you'll pay less tax if you share some of that wealth. » Next » For or Against |
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