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Category: Taxes

Have you heard about the new spousal support tax rules?

on April 10, 2019Posted in Alimony,Divorce,Divorce Articles,Spousal Support,Taxes

Tax day is almost here! If you are getting divorced, you might not know about this newly applicable tax rule on spousal support (alimony). Effective January 1, 2019, Section 11051 of the Tax Cuts and Jobs Act repeals the tax code section that formerly allowed the payor of spousal support to deduct the same amount… read more

Have you heard the truth about the new spousal support tax rules?

on November 20, 2018Posted in Taxes

Effective January 1, 2019, Section 11051 of the Tax Cuts and Jobs Act repeals the tax code section that formerly allowed the payor of spousal support to deduct the same amount (dollar for dollar) from their income when reporting taxable income. The deductibility of spousal support has historically been a significant tax benefit to payors,… read more

It’s Tax Time Again. Do You Get to Take the Exemption for your Child This Year?

on April 13, 2016Posted in Family Law,Taxes

According to the IRS, the parent with whom the child spent the greater number of nights during the year is the “custodial parent.”  By using IRS Form 8332, the custodial parent can release the claim to exemption for the child to the noncustodial parent.  This form can also be used to revoke a previous release… read more