Evangeline Giron

Tax filing extension due on October 15

Sunday, 04 October 2009 23:23 Evangeline A. Giron

FOR quite a few taxpayers who have deferred on filing their 2008 income tax returns, the deadline is just by the corner. The most prudent action would be to file your income tax return before the October 15th deadline to avoid additional penalties and interest owed.

Remember, your tax payments would have been due on April 15th, whether or not your tax forms have been completed or not. If you filed an extension, ensure that you remain compliant with the extension deadline. Yes, interests will be assessed but they’ll be much less than if you would have to pay on additional penalties and interests should you file beyond the extension date allowable.

Yes, your cancelled debt through foreclosure can be forgiven

Sunday, 20 September 2009 22:25 Evangeline A. Giron

IT’S probably the cliché of our economic times: foreclosures and short sales one after the other have triggered too many sleepless nights among honest Americans who were trapped into mortgages which were designed to be too perplexing for the average Joe to fathom.

IRS Publication 525 explains, "Generally, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the canceled amount in your income."

Getting financially ready during divorce

Sunday, 13 September 2009 18:12 Evangeline A. Giron

WHEN we get married, divorce is the last consideration on our minds, but no one is exempt. Divorce can happen to anyone, and those who think it isn’t possible are only fooling themselves. Ask any newly married couple where they think they’ll be in ten years, and not one will mention divorce. No one ever plans on divorcing, but it’s a sad fact of life. People change, circumstances change, and divorce can happen to anybody at any time.

The financial consequences of divorce can often be as devastating as the emotional aspects. No one entering a marital contract expects to get divorced. Therefore, the prospect of having to divide assets does not come under consideration until one is in the throes of the divorce process.

The relevance of having a prenuptial agreement

Sunday, 06 September 2009 01:08 Evangeline A. Giron\

OFTENTIMES, it is vehemently interjected with "It’s not just in our culture"!

In fact, aren’t we just a culture of romance? Wouldn’t the prenuptial or premarital agreement be construed as a romance-killer?

Though prenuptial agreements have been stigmatized by popular culture as cynical arrangements, they have become more and more common in recent years. The reality is, with approximately 30% of all first marriages, and nearly 50% of all second and third marriages, ending in divorce, a prenuptial agreement, simply called prenup, may be seen not only as practical but as necessary.

Tax savings strategies: plan now, not later

Sunday, 30 August 2009 21:32 Evangeline A. Giron

WHILE we approach the last quarter of the year, this serves as a reminder that it’s neither too early nor too late to plan and strategize your income taxes for 2009. New year brings new tax laws. Plan now, not later because when the year is over, there is not much you can do anymore. Quite frankly, tax planning should take all year long.

Tax brackets

You might be on your last dollar, but it’s not always a reason to sing the blues. In fact, in the strange world of taxation, your last dollar could actually put you in a higher tax bracket. Put on your shades, grab your guitar, and read on.