Author Archives: curtis

Can I modify a Marital Settlement Agreement

A separation agreement is a legal document that will bind you through many years and determine your rights, obligations, and responsibilities from your marriage. Generally, the court has no power to alter the terms of a valid contract and a separation agreement is a contract. However, you and your spouse can amend the agreement if you [...]
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SEPARATION AGREEMENTS: Surviving v. Merged into the divorce

The typical separation agreement, or a stipulation of settlement resolving  a divorce should state whether the agreement is to survive the judgment of divorce as a separate contract, or whether it should be merged and incorporated into the judgment of divorce thus allowing for modification similar to a court order.  Which should you choose? Where [...]
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Nanny Tax Worksheet

NANNY TAX- Client Information Worksheet & Fee Schedule
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New York’s Temporary Maintenance Law

New York’s Temporary Maintenance Law: The new temporary maintenance law became effective in New York on October 12, 2010.   The new law provides a fixed formula for awarding temporary maintenance (in New York alimony is termed “maintenance”).  Temporary maintenance is also called “durational” or “periodic” maintenance.  There are several other types of maintenance awards, including [...]
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Rental Real Estate Losses- Passive Activity Rules

Rental Losses: Rentals generally are passive activities and are subject to the passive loss disallowance rules. See IRC § 469(c)(2). A loss from a passive activity is not currently deductible unless one of the following applies: Passive income exists (losses are allowed to the extent of passive income); The taxpayer actively participates in a rental [...]
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Taxing Access to Retirement Funds – Penalties, Exceptions, and IRS Rules

Taxing Access to Retirement Funds – Penalties, Exceptions, and IRS Rules If you withdraw funds from your 401(k), traditional IRA or 403(b) plan before the age of 59 and 1/2, you will be charged with a 10% early distribution penalty and if you withdraw money from a Simple IRA that you started contributing to only [...]
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Contributions to a 403(b) salary deferral retirement program

The IRS approved 403b salary deferral retirement program: Contributions to these type plans are tax deductible, tax deferred while inside plan, and taxable as ordinary income upon distribution. Basic salary deferral limit: $16,500 in 2010. 403(b) Lifetime Catch-up: You may be eligible to defer up to an additional $3,000. Age 50+ Catch-up: If you are [...]
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Are Section 414(h) contributions taxable?

A section 414(h) plan refers to a type of tax-deferred government retirement plan. Government employers with 414(h) plans mandate employee contributions, which the employer then “picks up.” The employer does not deduct the contribution from the employee’s wages, pays the contribution and excludes it from the employee’s taxable income. By contributing to a Section 414(h) [...]
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Tax deductible contributions to 401(K)

Employee Contribution Limits: The IRS maximum allowed 401K contribution will stay the same as 2009′s 401K contribution maximum at $16,500. The 401K catch-up contribution for those over 50 years old will also stay the same at an additional $5,500 over the standard. Employer Contribution Limits: In addition to the contribution limits appearing in the tax [...]
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Capital gains & losses

Individuals or business that invest in capital assets receive two types of income: ordinary income and capital gains. Ordinary income includes dividends and interest you receive. You have a capital gain (loss) when you sell a capital asset for a profit (loss). Any asset you hold as an investment (stocks, bonds, real estate, for example) is a [...]
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