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If your divorce settlement was established on or before Dec. 31, 2018, alimony payments are fully tax deductible for the individual making the payments, whether you itemize or not. For tax ...
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 ...
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...
Spread payments over time to avoid higher taxes: Receiving a large taxable settlement can bump your income into higher tax brackets. By spreading your settlement payments over multiple years, you ...
Divorce laws and the nature of the debt play crucial roles in determining which party shoulders the responsibility. In many cases, what happens to debt is decided during the divorce proceedings.
Tax debt relief is a way the government helps you when you can’t afford to pay your tax bill. This comes in the form of a payment plan or a settlement in which the IRS agrees to settle your tax ...
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