IRS Trouble Solvers - February 2024

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UNIQUE DIY VALENTINE’S GIFTS TO CHERISH A Craft for Your Valentine Valentine’s Day is not just about the grand gestures; the little things count, too. Nothing speaks louder than a handmade token of love in a world brimming with store-bought gifts. This year, dive into DIY and create gifts from the heart. Here are seven DIY Valentine’s Day crafts you can make from home.

Divorce and Dolla

Divorce is a challenging and emotional journey. The process can be a slippery slope if not dealt with correctly. As if the personal and financial aspects of divorce weren’t complicated enough, it also has significant implications for your taxes. Understanding the tax impact of divorce is crucial to navigating this process effectively. Let’s explore the role divorce plays in taxes to help you make informed decisions. Transitioning Your Tax Status Your filing status is the most immediate tax change after a divorce. Married couples typically file jointly, but after a divorce, you’ll likely file as either “Single” or “Head of Household.” Choosing the correct filing status can substantially impact your tax liability, making it essential to understand what each means and selecting the appropriate option. Keeping Track of Support Payments Child support is not tax-deductible for the paying spouse, and it’s not considered taxable income for the receiving spouse. However, alimony (spousal support) can have tax implications. The paying spouse can usually deduct alimony payments, while the receiving spouse must report it as taxable income. Both parties should keep accurate records of payments to ensure compliance with tax laws.

Personalized Love Jars Gather some Mason Jars and fill them with notes of appreciation, favorite memories, or future date ideas. Decorate the jars with ribbons, stickers, or paint to personalize them. Every note is a reminder of the special moments you share. Handcrafted Photo Frame Nothing says “I cherish our memories” like a handmade photo frame. Use materials like beads, seashells, and glitter to create a unique frame, then insert a favorite photo of you and your loved one.

Minimizing Capital Gains When dividing assets during divorce, it’s

essential to consider the tax consequences of different assets. For example, selling certain assets, such as stocks or real estate, may trigger capital gains taxes.

Customized Candle Holders Transform ordinary glass candle holders into something special. Use paint, glitter, or etching to add a romantic touch. Place a scented candle inside, and you’ve got a perfect mood-setter for a romantic dinner at home. Love-Themed Garden Stones For those who love gardening, creating love-themed garden stones is a great idea. Paint rocks or stepping stones with heartwarming messages or designs. These can be placed in your garden as a reminder of your affection. Homemade Bath Bombs Mix a batch of bath bombs using simple ingredients like baking soda, citric acid, and essential oils. Choose scents and colors that your partner loves. It’s a great way to add a bit of luxury to your partner’s relaxation time. Knitted or Crocheted Items If you’re skilled with knitting needles or a crochet hook, you can make a cozy scarf, hat, or even a small plush heart. These handmade items carry the warmth of your love. Heart-Shaped Baked Goods Nothing beats the smell of freshly baked goods. Whip up a batch of heart- shaped cookies or a cake decorated with your partner’s favorite colors. Crafting a Valentine’s Day gift is an intimate and enjoyable journey. It’s about embedding a piece of your heart into something tangible. This Valentine’s Day, let your love take a creative form and watch as these crafts bring a smile to your loved one’s face.

Slow Cooker Chicken Tikka Masala

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