John Battaglia Quotes (5 Quotes)

If you're thinking of eloping over the holidays, you may want to consider the tax consequences of ending 2001 as a couple (romantic, isn't it). Although some accountants will tell you that the IRS doesn't keep track of your exact marriage date, technically you are required to file a joint return for this year. For some couples, particularly those with big differences in their income, filing jointly can be advantageous. If a husband and wife each make a lot of money, however, they are apt to pay more in taxes than they would on their own. If both people make 300,000, they'll pay more than 18,000 in taxes by filing jointly, ... That's about the cost of the wedding.

It doesn't matter what you spend that loan on. You can go out and borrow 100,000 against your home, spend it on anything, even a vacation - and you can deduct the full amount of interest you pay on that loan.

Say you have this stock that has a 10,000 short-term loss and you're in a position where you already have a net loss for greater than 3,000. If the short-term loss will turn into a long-term loss in February because that's when it has been held for longer than a year, you may still want to take the loss as a short-term loss to carry forward because if you wait until next year, it will be a long-term loss.

Anything that's relevant to your tax return I would keep until six years after you file, and I would keep copies of the tax returns themselves as long as possible.

They'll end up having to pay interest and penalties based on that income which they should have reported.