April 16 is National Divorce Day, according to Beverly Pekala, a Chicago divorce attorney who specializes in family law. She maintains that more people file for divorce the day after the federal tax deadline than any other day of the year. Money, she said, is at the heart of the problem.
That’s because on April 15, [...]
Filed under: Divorce, Finances, Taxes | No Comments »
Did you know that changes in your lifestyle could affect your taxes? When these changes happen, you will need to make adjustments to avoid creating IRS Problems.
Have you recently gotten married? If you have changed your name, you will need to notify Social Security to get your name changed on your card. [...]
Filed under: Finances, General Family Law, Taxes | No Comments »
One of the most frequently overlooked areas of family law is that of tax consequences. Many family law practitioners do not fully understand the in’s and out’s of the applicable tax laws, which can result in their clients having unwanted “surprises” down the road. Alan Pearlman of the Chicago Family Law Blog recently published the [...]
Filed under: Divorce, Finances, Taxes | No Comments »
There are many complex tax questions that come up when a person divorces. It is impossible to address all of them without knowing the specific facts in each case. However, the simple answers to some general questions that almost always come up are listed below. Each situation is almost always more complicated, however, and you [...]
Filed under: Divorce, Finances, Taxes | No Comments »
Inasmuch as tax day (cue boos and hisses) is approaching, I figured that we can’t discuss often enough the new IRS rules pertaining to claiming dependents. Bankrate.com has posted this fairly thorough, and informative, discussion of the new rules and how they might apply in various situations.
Filed under: Finances, Taxes | No Comments »
Whether you’re tying the knot or severing the tie, Valentine’s Day is a natural time to examine the tax implications of marriage and divorce. H&R Block offers these tax tips if you’re considering one of these life changes.
More than just wedding gifts and thank you notes, marriage also means planning for a joint financial future, [...]
Filed under: Divorce, Finances, Marriage, Taxes | No Comments »
Grant Griffiths posted the following helpful information at his Kansas Family and Divorce Lawyer Blog concerning the rules that apply when divorced or separated parents want to claim children as dependents on their federal income tax returns:
The IRS makes the assumption that the custodial parent is entitled to the dependency deduction — period. The only [...]
Filed under: Finances, Taxes | No Comments »
The Family Law Taxation Blog a few days ago published this post about a recent United States Tax Court decision concerning the ability of a non-custodial parent to take a tax deduction for a dependent child who was not living with him. The parents, who were not married and so were not divorced, had no [...]
Filed under: Finances, Taxes | 1 Comment »
At the turn of the new year, its inevitable that thoughts turn to taxes eventually. An often asked question is whether legal fees are deductible on your income taxes and, specifically, whether legal fees incurred in connection with a divorce can be deducted. Diana Skaggs at the Divorce Law Journal has a very informative post [...]
Filed under: Divorce, Taxes | 2 Comments »
The distribution and tax treatment of stock options in the course of a divorce can be a very confusing subject. The Tax Prophet has published this newsletter that helps explain how options that are transferred from one spouse to another are treated for tax purposes.
Filed under: Asset Distribution, Divorce, Taxes | 1 Comment »
