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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 ...
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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Have all of your income documents included before you file your taxes: Income documents can include Form W-2, 1099-NEC, Form 1099-MISC or Form 1099-INT. Add up all your income: Calculate your ...
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