Get to Work Wednesdays: Kolonji Murray ’95

Hampton University Pirates' Post

Kolonji Murray Headshot

Introduction:

My name is Kolonji Murray and I’m a 1995 graduate of our ‘Home by the Sea,’ with a degree in accounting. I’m also the owner of TaxAssurances, LLC, based in New Rochelle, New York – a business I started in 2011. Those accounting classes in Buckman Hall paid off nicely.

What is Your Business?

TaxAssurances provides individuals and business owners with the following services:

  • Tax preparation
  • Payroll Processing
  • Business Advisory
  • Bookkeeping
  • IRS & State tax relief and resolution

Background:

Even before attending Hampton, I knew that I wanted to study Accounting, with a focus on finance and investing. In high school, I had taken Accounting classes, and I loved following the stock market and business. I knew that Accounting provided a baseline understanding of the two.

I also knew that with a degree in Accounting I could always go into the tax preparation business, if need be. A lot…

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Co-Parenting and Tax Returns

I’ll say this in my experience with tax refunds and parents with children. Most cases, the mother takes care of the child(ren) most if not every day. New clothes, colds, doctors visits, bedtime stories, homework, sleepovers, school trip money, juice in the middle of the night etc. Also, daycare is not cheap Usually, because of all of this, the mother gets most if not all of the tax refund money.

Depending on the relationship, some mothers may share a portion of the refund. Especially, if the father is very involved but the child(ren) doesn’t live with him.

Some may even trade who claims the child(ren) for a particular year. Even year is for the mother and odd year is the father. If there are multiple children, they may split who claims which child.

But for the most part, mothers claim the child(ren) and keep the refund to use for the remainder of the year or so.

Now every so often, the couples hate each other and they race to the tax preparers’ office to file the return.

Here’s how the IRS decides who gets to claim the child(ren) and get the refund.

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