My Writing > TL: Families ... the tie that binds

15 Oct 2008

Originally Published by The TaxLetter Vol. 26, No. 10, October  2008

Families ... the tie that binds


Eileen Reppenhagen

Every so often a mom going through separation angst calls me for support with tax and cash planning.  My most complex tax returns are often those for single moms.  They have every conceivable expense and tax credit.  They may not have filed returns for a number of years and not have collected on their child tax benefits as a result.  Often it takes years to recover from the emotional scars of a failed relationship.  

How do we reconcile with family who support us financially but torment us physically, mentally or emotionally? What is the opportunity cost of separation? We all know someone who has paid the price.

I thought you might find it interesting to assess the consequences ...

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Supporting Excel spreadsheet for this article:  Divorce Cash Flow.xls (30 kb)

Eileen Reppenhagen, Certified QuickBooks ProAdvisor, and Honorary Member of the Institute of Professional Bookkeepers of Canada, writes and speaks about accounting and tax.  She is a regular contributor to Canadian MoneySaver, The TaxLetter and Intuit Canada’s Advisor Advantage.  

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