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For tax purposes, alimony payments are effectively not part of the payor’s income. If your divorce settlement was established on or after Jan. 1, 2019, the person making the alimony payments ...
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 Ohio Department of Taxation is the administrative department of the Ohio state government [1] responsible for collection and administration of most state taxes, several local taxes and the oversight of real property taxation.
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...
A qualified domestic relations order (or QDRO, pronounced "cue-dro" or "qua-dro"), is a judicial order in the United States, entered as part of a property division in a divorce or legal separation that splits a retirement plan or pension plan by recognizing joint marital ownership interests in the plan, specifically the former spouse's interest in that spouse's share of the asset.
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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 ...
If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
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