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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 ...
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 ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
As a divorced parent, you may be able to deduct your dependent children’s medical expenses along with your own, to the extent that they exceed 7.5% of your adjusted gross income. The catch is ...
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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 ...
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...
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