Tax Implications of Divorce

I'm writing to provide you with information that could be helpful for individuals facing a divorce or legal separation. Unfortunately, in addition to the difficult personal issues the process entails, several tax concerns need to be addressed to ensure that tax costs are kept to a minimum and that important tax-related decisions are properly made. Please call me if I can be of assistance regarding any of these matters. Support/alimony provisions. Where one spouse is to be making support payments to the other upon divorce or separation, the deductibility of the payments by the payor and their taxability to the [...]

May 1st, 2020|Personal Tax|Comments Off on Tax Implications of Divorce

When can I deduct my alimony payments?

Alimony payments are deductible only if they meet the requirements outlined below. It is important to have your divorce decree or separation agreement reviewed for tax purposes before it becomes effective to make sure these requirements are met. Even if the decree or agreement specifies that the payments are alimony they won't be treated as alimony for tax purposes unless these requirements are satisfied. Please call me to arrange for such a review before signing off on the arrangement. Here are the alimony requirements: No voluntary payments: For an alimony payment to be deductible, it must be required by a [...]

February 28th, 2015|Personal Tax|Comments Off on When can I deduct my alimony payments?

The Scoop on Social Security

Article provided by Thomas M. Jeffrey, Senior Vice President, Investments for Troon Investment Advisors of Raymond James & Associates. Smart ways to claim benefits after a divorce or the loss of a loved one Social Security has been in place since 1935 and many rely on it to bolster their retirement resources. If you’re divorced or widowed, you may have extra options to boost your Social Security paycheck by strategically claiming spousal or survivor’s benefits. Divorced spouse benefits Many divorced women do not realize that they have the option to claim Social Security benefits on their former spouses’ work record. [...]

September 30th, 2014|Personal Tax|Comments Off on The Scoop on Social Security

Mid-Year Tax Planning

Tax Season 2014 has come and gone and now it's time to think about tax planning for tax year 2014. Items which could impact your 2014 taxes include certain life events and expired tax provisions. Certain Life Events Have you recently had a birth, adoption or death in your family? Have you gotten married, divorced, retired, or changed jobs this year? If any of these life events occur in 2014, we need to discuss the potential impact on your 2014 taxes. For example: 1) For Qualifying Children under the age of 17, a tax credit up to $1,000 per qualifying child may be [...]

June 24th, 2014|Business Tax, Personal Tax|Comments Off on Mid-Year Tax Planning
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