Before the wedding, talk about your finances

Posted on May 14, 2012 by PADRÓ & Company, P.A.

Spring and summer — the wedding season is upon us. Before walking down the aisle, take a minute to consider a serious matter.

Couples often enter into marriage without ever having had a discussion about financial issues. As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to a good financial start.

  • Premarital financial discussions. You and your intended might enjoy the same movies and the same kinds of food, but are you financially compatible? Take some time to discuss your finances before you tie the knot. Talk about your assets, your debts, your credit ratings, and your financial attitudes, including your spending and saving habits. Do you share the same goals, such as having children, buying a home, or continuing your education? How will you finance your dreams?
  • How will you handle your finances as a married couple? For example, who will pay the bills? Will you maintain joint or separate checking accounts? If you maintain separate accounts, how will you split your expenses?
  • Premarital financial counseling. Every couple needs to work out their own style for handling money. Call upon your accountant to assist you in setting up a budget, controlling your taxes, and mapping out a financial plan for your future.
  • Premarital legal counseling. If you have substantial assets, discuss the merits of a premarital agreement with your attorney. If your partner has substantial debt, ask your attorney how you can protect yourself from his or her creditors.

Perhaps you plan on buying a house together or combining financial accounts.  Your attorney can advise you on the best way to hold title to your assets.

Discussing your finances before you say “I do” may increase your chances for living happily ever after.  Schedule a consultation or give us a call at 305-500-9361 today!

Posted in finance advisor, personal finance | Leave a comment

Once you have filed your 2011 tax return, you may still have a few tax questions. The IRS provides these answers to commonly asked questions.

How can I check the status of my refund?
You can go online to check on your refund. Go to http://www.irs.gov/ and click on “where’s my refund?” Or call 1-800-829-4477 for automated refund information available 24 hours a day, seven days a week.

What records should I keep?
Keep receipts, canceled checks, or other substantiation for any deductions or credits you claimed. Also keep records that verify other items on your tax return (W-2s, 1099s, etc.). Keep a copy of the tax return, along with the supporting records, for seven years.

What if I discover that I made a mistake on my return?
If you discover that you failed to report some income or claim a deduction or credit to which you are entitled, you can correct the error by filing an amended tax return using Form 1040X.

What if my address changes after I file?
If you move or have an address change after filing your return, send Form 8822 “Change of Address” to the IRS. You should also notify the Postal Service of your new address so that you’ll receive any refund you’re due or notices sent by the IRS.

For answers to other tax questions you may have, schedule an appointment or give us a call at: 305-500-9361 today!

Posted on May 7, 2012 by PADRÓ & Company, P.A. | Leave a comment

The IRS has issued a tax scam warning connected with the American Opportunity Tax Credit.

Promoters of the scheme target senior citizens, low-income individuals, and members of church congregations. The con artists say they can get a tax refund or stimulus payments based on the American Opportunity Tax Credit, even if the taxpayer was not enrolled in or paying for college.

Victims of these scams can lose the upfront fees they are asked to pay to have the promoters file these claims on their behalf.

The IRS also warns taxpayers to be careful of these scams because they are legally responsible for the accuracy of any tax return filed and will have to repay any refunds received in error, plus penalties and interest. They may also face criminal prosecution.

In its notice about the promotion of these bogus refund claims, the IRS cautions taxpayers to beware of any of the following:

  • Fictitious claims for refunds or rebates based on false statements of entitlement to tax credits.
  • Unfamiliar for-profit tax services selling refund and credit schemes to the membership of local churches.
  • Internet solicitations that direct individuals to toll-free numbers and then solicit social security numbers.
  • Homemade flyers and brochures implying credits or refunds are available without proof of eligibility.
  • Offers of free money with no documentation required.
  • Promises of refunds for “Low Income — No Documents Tax Returns.”
  • Claims for the expired Economic Recovery Credit Program or for economic stimulus payments.
  • Unsolicited offers to prepare a return and split the refund.
  • Unfamiliar return preparation firms soliciting business from cities outside of the normal business or commuting area.

Schedule an appointment  or give us a call at 305-500-9361 for more information!

Posted on May 3, 2012 by PADRÓ & Company, P.A. | Leave a comment