IRS Requirements to Deduct Alimony on Your Tax Return
- At April 27, 2020
- By Miles Mason
- In After Divorce, Alimony, Divorce Tips
0
In order to be allowed to deduct your alimony payments, what is required? The IRS takes a dim view of former spouses to game the tax system by disguising property transfer in the form of alimony. Here, we discuss more details on cash payments, not designated as alimony, can’t be members of the same household, […]
Read More»If You Qualify, You Want to File as Head of Household After Divorce
- At April 25, 2020
- By Miles Mason
- In After Divorce, Child Custody, Divorce Tips
- 0
After divorce, filing head of household (as opposed to filing as a single person) can save you real money if you qualify. Unmarried? Keeping up a home? Itemized deductions on separate returns? Who are qualifying persons? What if a qualifying person died? Mason Comment 1: Although I am a CPA, I hire a CPA to […]
Read More»Deducting Costs of Getting a Divorce
- At April 25, 2020
- By Miles Mason
- In After Divorce, Divorce Tips
- 0
Deducting Costs of Getting a Divorce. The IRS takes a dim view of deducting legal costs of divorce. Got it? But what if you are a business owner defending your ownership interest? Is that different? Also, see the discussion below about adding certain expenses to the tax basis of your assets. Mason Comment 1: Although […]
Read More»General Tax Rules for Alimony After Divorce
- At April 24, 2020
- By Miles Mason
- In After Divorce, Alimony, Divorce Tips
- 0
General tax rules for alimony after divorce. What is not alimony? Difference between child support? What if child support is underpaid? What about payments to persons other than the former spouse? Jointly-owned home expenses? Life insurance premiums? Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I […]
Read More»Don’t Underestimate Marital vs. Separate Property Disputes in Divorce
https://youtube.com/watch?v=cO_MHEm-a-AVideo can’t be loaded because JavaScript is disabled: Don’t Underestimate Marital vs. Separate Property Disputes in Divorce (https://youtube.com/watch?v=cO_MHEm-a-A) Marital and separate property disputes in divorce can be of the most hotly contested issues. What are marital assets in a divorce? Can separate property become marital property? Forensic accountants have a unique perspective which can make […]
Read More»Forensic Accountants Know Money & Docs Better Than Divorce Lawyers
https://youtube.com/watch?v=LOi–7cNB2cVideo can’t be loaded because JavaScript is disabled: Forensic Accountants Know Money & Docs Better Than Divorce Lawyers (https://youtube.com/watch?v=LOi–7cNB2c) How can I find out if my husband or wife has a secret bank account? How can a forensic accountant help during a divorce? Forensic accountants know money and documents better than divorce lawyers. For a […]
Read More»Big Divorce Mistake #4: Not Valuing a Pension Interest
https://youtube.com/watch?v=bMGWtmtT0xAVideo can’t be loaded because JavaScript is disabled: Value the Pension Interests (https://youtube.com/watch?v=bMGWtmtT0xA) A spouse’s interest in a pension is often the most valuable asset of a marital estate, especially for long-term marriages. Valuing a pension interest may require the assistance (and report) from a forensic accountant. An example and sample report form may be […]
Read More»The Divorce Lawyer’s Unfair Advantage: the CPA
https://youtube.com/watch?v=jdxuyF2Zz08Video can’t be loaded because JavaScript is disabled: The Divorce Lawyer’s Unfair Advantage: the CPA (https://youtube.com/watch?v=jdxuyF2Zz08) What does a forensic accountant do in divorce? What does a forensic accountant look for? Why do you need a forensic accountant? For a much more detailed discussion, see The Forensic Accounting Deskbook: A Practical Guide to Financial Investigation […]
Read More»IRS “Reminders” for Divorced or Separated Individuals
- At April 11, 2020
- By Miles Mason
- In After Divorce, Alimony, Divorce Tips
- 0
IRS Reminders for divorced and separated individuals: alimony law changed, tax, interest, penalties, social security numbers for kids, ITIN, change of address, and name change after divorce. Mason Comment 1: Although I am a CPA, I hire a CPA to do my taxes. Why? I can’t keep up with all of the changes in tax […]
Read More»Big Divorce Mistake #3: Not Getting the Holy Grail of Divorce Documents
https://youtube.com/watch?v=YDCrVqk3sPcVideo can’t be loaded because JavaScript is disabled: Get the Holy Grail of Divorce Documents (https://youtube.com/watch?v=YDCrVqk3sPc) Loan applications often contain a statement of income and net worth. Lying on a loan application can be a felony. Personal financial statements, also called a net worth statement, is often the most valuable tool for negotiating a favorable […]
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