By Appelhof, Pfeifer & Hart, P.A. | Published May 30, 2022 | Posted in Divorce | Tagged Tags: divorce tax implications, family law | Comments Off on Some Divorce Expenses May Be Deductible on Your Taxes
Some Divorce Expenses May Be Deductible on Your Taxes
The economic impact of a divorce can be severe. However, there are some ways in which you can lower that impact, including through tax deductions. Tax deductions can lower your taxable income, which in turn reduces the amount of money you must pay to the IRS in your taxes. Some of the rules for deductions Read More
Read MoreChoose the Right Tax Filing Status When Going Through Divorce
As you work through your divorce, don’t forget the potential impact your divorce will have on your taxes. At the very least, you’ll need to consider the tax filing status you will use while the divorce is still pending. The Internal Revenue Service (IRS) will continue to treat you and your spouse as married as Read More
Read MoreDivorce Season is Here: Why the Early Months of the Year are Prime Divorce Time
Each year, divorce numbers start to rise in January up through a peak in February or March. The winter is often considered “divorce season” for this reason. Why is it that this time of year sees more divorces than others? There are a few factors that play into the increased incidence of divorces in the Read More
Read MoreNew Tax Laws for Alimony Now Officially in Effect
Now that the calendar has officially turned to 2019, the Tax Cuts and Jobs Act of 2017 is in full effect. One of the more noteworthy items within the legislation was how it changed how alimony has been taxed for many years. Under the old laws, which apply to any divorce agreements made on or Read More
Read MoreNew Tax Law Could Add Some Complexities to Divorce
Divorce attorneys across the country believe the Tax Cuts and Jobs Act, more commonly known as “tax reform,” could make divorce even more stressful for American couples. One stipulation of the legislation is that, starting in 2019, higher-income individuals will no longer be able to deduct spousal maintenance (sometimes referred to as alimony) payments, while Read More
Read MoreTax Consequences of Your Divorce Agreement
While dealing with your divorce, tax season might seem like an unpleasant, unrelated matter. However, your divorce terms can have a substantial effect on the taxes you owe in the year you divorce and in subsequent years. Keep in mind these tax implications when negotiating terms of your divorce settlement: Court-ordered spousal support — The Read More
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