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Widowed last year? Beware of the IRS’ “tax ambush” - MoneyTalksNews
In this very interesting article by a long time Certified Public Accountant (CPA), the author warns of a somewhat hidden IRS “ambush” awaiting those who lose their spouse. Essentially, a surviving spouse goes from filing income tax as a couple filing “married/jointly,” to a tax filing status of “single.” And that will make a substantial difference in their tax obligation in the year following the year their spouse passed away. For one thing, the survivors Social Security benefit will now be less, but their new tax bracket as a single filer will result in a higher income tax rate and, thus, a higher income tax obligation. But, according to this MoneyTalksNews article by CPA Stacy Johnson, wise planning can provide ways around this IRS income tax ambush. Click here to read more.
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