Kansas City, MO, (MARKET WIRE via COMTEX) -- What better way to say 'I love you' than... to discuss your taxes? Taxes may not be the most romantic topic on Valentine's Day, but a wedding -- or divorce -- in 2008 may make a difference on your tax return.
Taxpayers who were married or divorced in 2008 could be eligible for additional recovery rebate credit money, depending on their income level and economic stimulus payment they received. An estimated 1 in 5 -- or 25 million taxpayers -- may have a second chance for rebate money from last year's economic stimulus plan, according to The Tax Institute at H&R Block (NYSE: HRB). In addition, there are other tax implications.
"Most new couples are thinking about how to start their marriage off with a strong foundation, including a focus on money matters," said Amy McAnarney, executive director of The Tax Institute at H&R Block. "And as recent divorcees rebuild their lives; their financial situation is top of mind."
For newlyweds, The Tax Institute recommends the following when preparing their first return as a married couple:
A divorce or legal separation can complicate tax returns. Recent divorcees should understand the terms of their divorce and consider these issues when preparing their returns:
Whether you live in Valentine, Neb., or Loveland, Colo., not getting all the tax credits and deductions possible could be costing more than the Valentine Day's confections, flowers and restaurants.
Visit www.hrblock.com/taxes/tax_tips and www.digits.hrblock.com or call 1-800-HRBLOCK for more information on helpful tax tips, or to locate one of H&R Block's more than 13,000 locations nationwide.
The Tax Institute, a division of H&R Block, is a national leader in providing unbiased research, analysis and interpretation of federal and state tax laws. Staffed by Enrolled Agents, CPAs, and Attorneys, The Tax Institute provides industry expertise for matters related to taxes and the professional tax preparation industry.
H&R Block Inc. (NYSE: HRB) is the world's preeminent tax services provider, having served more than 400 million clients since 1955 and generating annual revenues of $4.1 billion in fiscal year 2008. H&R Block provides income tax return preparation and related services and products via a nationwide network of approximately 13,000 company-owned and franchised offices and through TaxCut(R) online and software solutions. The company also provides business services through RSM McGladrey.
SOURCE: H & R Block