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!
Tax and Divorce
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 “Tax Cuts and Jobs Act” has some good news and some bad news for separated or divorced individuals. Here’s how it could affect you – for better or for worse.
Spousal support, or alimony, is taxable to the recipient and tax deductible to the payer. Child support is not taxable or tax deductible. In other words, alimony is really paid out of your gross income but child support is paid out of your net income. The parties can negotiate their agreement however they want, so […]
First and foremost, assets divided in divorce are tax free. However, each party may incur specific tax implications after they’re already divided up. Some of the most common ones are you have to look at in terms of the house and the house benefits, who gets the house. If one party is assigned the house […]
If a stay-at-home spouse signed joint tax returns during the marriage and it turned out the moneyed spouse was under reporting income or making fraudulent claims, can the innocent spouse be protected from prosecution?