by Administrator | Oct 14, 2019 | Personal Divorce, Tax Risks in Divorce
People who are concerned their spouse has (or will) understate income or overstate deductions question whether they should file their tax return as MFS instead of MFJ. When a return is filed as MFJ and the IRS identifies misreported information, the IRS holds each...
by Administrator | Dec 24, 2018 | Personal Divorce, Tax Risks in Divorce
People going through a divorce, yet have not yet finalized their divorce, often wonder if they should file their tax returns as married filing jointly (MFJ) or married filing separately (MFS). Most people’s gut reaction is to file as MFS. Is this a good thing to do or...
by Administrator | Dec 6, 2018 | Personal Divorce, Tax Risks in Divorce
Not many people think about their tax withholdings from their paycheck or the tax estimates paid towards their current year’s tax liability as something they need to address during their divorce process. Yet, if you don’t you could be leaving money on the table. Your...
by Administrator | Nov 30, 2018 | Personal Divorce, Tax Risks in Divorce
Couples who are going through a divorce and have an IRA in the marital estate often miss this IRA benefit, albeit small, in their settlement structure. Let’s say you and your spouse agree to include the IRA as part of the settlement structure. To keep this scenario...
by Administrator | Jul 29, 2018 | Personal Divorce, Tax Risks in Divorce
Property that appreciates over time may have what is often referred to as a built-in tax gain. What is a built in tax gain? It is the capital gain a taxpayer will generate as a result of selling the property after the divorce and after the tax exclusion outlined...
by Administrator | Jul 17, 2018 | Personal Divorce, Tax Risks in Divorce
An overview of the new tax law The Tax Reform Act of 2018 has limited the amount a taxpayer can deduct as itemized deductions on the federal tax return. Married couples are allowed up to $24,000 in itemized deductions. Taxpayers who have a filing status of single are...
