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If you pay alimony and signed your divorce agreement on or before Dec. 31, 2018, you can deduct the amount of your alimony payments from your income taxes. If there are loss-carryforwards ...
For example, you cannot deduct fees for counseling, litigation or tax advice that you got during your divorce. The 2017 Trump tax plan also eliminated the deduction of legal expenses that were ...
Credits allow taxpayers to pay less in taxes, while deductions can reduce taxable income. [9] Credits are more preferable, but taxpayers are more likely to receive deductions than credits. Taxpayers may receive deductions for home, medical, and educational expenses; while credits may include earned income tax credits, child care/dependent ...
The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it … Continue reading → The post Filing Taxes After Divorce: A Practical ...
Divorce settlements can be extremely complicated. While it makes eminent sense to work with a financial advisor as you plan your finances for a divorce, there are several key areas that can hold ...
Filing your taxes can get complicated depending on your unique circumstances, and not everyone has access to an accountant or other tax professional. Related: 8 IRS Secrets To Know for the 2023 Tax...
Contingency fees may be taxable: If your settlement is non-taxable, legal fees won't affect your taxable income. Accident and personal injury cases, like a slip-and-fall or worker's compensation ...
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related to: will i pay taxes on my divorce settlement taxableForward-Looking Features And Comprehensive Design - NerdWallet