Who gets to claim the children on their taxes in a divorce? This issue comes up a lot – and it should, because the dependency deduction is more valuable than most people realize.
Tax and Divorce
How will the CARES Act impact you? Our attorneys still all working our way through the many questions raised by the Act, but here’s what we know so far.
Understanding the rules governing tax in relation to divorce will help you make the best decision during your divorce process.
Filing your tax return for the first time during or after finalizing your divorce can be stressful – especially with all the changes that took effect on January 1, 2019. Here’s what you must know before you prepare your American tax return!
One of the many things a co-parent needs to wrap their head around when going through a divorce are the tax implications of their divorce agreement. Unfortunately, there are many different myths which can make the process even more confusing than it already is.
If you want the flexibility to use your divorce agreement to reduce future tax liabilities, you’ll need to move fast: you only have until the end of 2018 to execute your divorce agreement to take advantage of the old, more favorable US tax laws. In this case, time really IS money!
If you’re planning to divorce, you may want to hasten your proceedings to take advantage of pre-TCJA alimony tax treatment. Here’s why.
Congress has made significant changes to the Child Tax Credit and dependency exemptions that will matter a lot to divorcing parents. Do you know how the new tax laws will affect you?
The new “Tax Cuts and Jobs Act” eliminates the alimony payment deduction for divorces finalized after December 31, 2018. How will that impact divorcing spouses?
The GOP’s new U.S. tax law for families “Tax Cuts and Jobs Act” has some good and bad changes for that could affect separated or divorced individuals.