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Watch On YouTube For many households, income comes from multiple streams: earned wages, child support, and perhaps government assistance. While all these dollars spend the same at the store, they are treated differently by the IRS when determining Head of Household (HOH) status. At SafeSimpleSound, we offer the Both/And
Stop showing your spouse your financial spreadsheets. Technical professionals often try to 'update' their partners with jargon-heavy data. This doesn't build trust; it builds friction. Your spouse doesn't want to hear about tax-loss harvesting; they want to know the family is safe. Shift your
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Watch On YouTube Financial stress is one of the leading causes of relationship friction. But often, the friction isn't about a lack of money—it's about a lack of shared language. We typically see a 'Technical Engineer' (who loves the data) paired with a
Stop inflating your household expenses. It’s making you fail the HOH test. Math 101: The larger the 'Total Household Cost,' the harder it is for your income to cover 51% of it. By incorrectly including car payments and tuition in your HOH math, you are moving the
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Watch On YouTube When most people prepare their taxes, they have an instinctive urge to make their expenses look as large as possible. They think, "If I show the IRS how much I'm spending, they'll see I'm the Head of Household." In
You don't have a money problem; you have a visibility problem. I’ve worked with clients who have $5M+ in net worth but still feel 'broke' and anxious. Why? Because their money is scattered across 14 different accounts they haven't looked at in a
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Watch On YouTube One of the most common anxieties we see in high-performers isn't a lack of money—it's a lack of visibility. They have the income. They have the assets. But because those assets are scattered across fourteen different accounts, three institutions, and forgotten '
Handy homeowners: Your DIY labor doesn't count for Head of Household. You might spend 10 hours fixing a plumbing issue, but the IRS values that time at $0 for the 'Support Test.' Only the money you actually pay to others counts as a repair expense. 3
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Watch On YouTube There is a deep sense of pride in maintaining your own home. For the handy homeowner, a Saturday spent fixing a leaky faucet or painting a room is time well spent. However, when it comes to the Head of Household (HOH) support test, the IRS has a
You are likely over-spending on tax 'savings.' I recently saw a professional spend 40 hours of his time—worth $400/hr—to save $6,000 in taxes. He didn't save anything. He lost $10,000 in opportunity cost. This is the 'Tax Savings Fallacy.'
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Watch On YouTube There is no topic in finance that triggers more 'optimization fever' than taxes. High-earners, in particular, are often obsessed with reducing their tax bill to the absolute minimum. While being tax-efficient is 'Sound,' being tax-obsessed is often a financial disaster. Consider 'Raj,
Tax Edition Podcast
YouTube (click on the image to watch the video) Resources * Blog Post Show Notes Head of Household Rules for Divorced Parents: Who Claims the Child in 50/50 Custody? Divorce decrees say you share custody. The IRS says only one of you gets the tax break. Here is how to