By David S. De Jong Esq.;Ann Gray Jakabcin Esq.

ISBN-10: 0471249734

ISBN-13: 9780471249733

ISBN-10: 0471430943

ISBN-13: 9780471430940

With somewhat foresight, tax time could be less painful. J.K. Lasser's "Year-Round Tax suggestions 2003" deals myriad how you can hinder paying an excessive amount of on taxes via making plans forward. no matter if a person invests in shares or mutual money, owns a house, works from domestic or owns a company, this publication comprises tax saving thoughts that are meant to aid them via any taxing scenario.

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Sample text

Although each such jurisdiction has its own definition, a common-law marriage generally requires cohabitation coupled with public recognition as husband and wife (often for a set number of years). If you meet the criteria of your state of residence for a common-law marriage, the IRS will consider you married, even if you subsequently move to a state that does not recognize common-law marriages. By electing to file a joint return, the husband’s and the wife’s incomes and deductions are combined in computing the couple’s taxable income.

In contrast, if John and Mary chose to file separate returns, John’s federal tax liability would be $3,459, and Mary would owe $16,071, for a combined total of $19,530, an increase of $462 over what would have been owed had they filed a joint return. Itemized deductions claimed do not equal total itemized deductions as a result of the overall reduction for individuals with AGI in excess of $137,300 ($68,650 for married individuals filing separately). 5 percent of married couples file a joint tax return because a joint return generally produces a lower tax liability.

The individual satisfied a material participation standard in at least five of the last 10 years. • With respect to personal service activities such as medicine, law, accounting, engineering, architecture, or performing arts, the individual satisfied a material participation standard in at least three years. 73653_DeJong_CH02 11/6/02 10:47 AM Page 37 Ta x a b l e a n d Ta x - F r e e I n c o m e a n d B e n e f i t s To determine your degree of participation in an activity, you are permitted to include your spouse’s participation in the activity.

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J.K. Lasser's Year-Round Tax Strategies, 2003 by David S. De Jong Esq.;Ann Gray Jakabcin Esq.

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