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For tax year 2009 and after, the rules for the Child Dependent Exemption Tax Deduction related to divorce have been changed. The Internal Revenue Service amended the tax code related to the Child Dependency Exemption Deduction. Being able to claim the exemption for your dependent child has many significant tax advantages to the parent claiming [...] No one goes into their marriage thinking that they are going to have to pull things apart and pick-up the sometimes unfamiliar role of managing their finances. To some, this is what they are used to dealing with and to others, it becomes a very stressful task that is piled onto an already stressful [...] Are you an Injured Spouse? You are considered to be an injured spouse if you file a joint return and your overpayment of taxes (tax refund) is expected or has been applied (offset) against your spouse’s share of past due federal income tax, student loan, child support, alimony (spousal support), or state income tax. This is [...] When divorcing and structuring your property settlement, there are important tax considerations to keep in mind. Internal Revenue Code section 1041 provides guidance on the taxation of transfers of property between spouses. The general rule states that property transfers between divorcing spouses are treated as tax-free gifts and no gain or loss [...] What is Alimony? Alimony is also often called spousal support. Alimony payments are used to provide the spouse that is making a lower-income with funds to cover expenses that are not provided for through child support or through the division of property. Many factors come into play when determining the amount of [...] The ability to claim the dependent child exemption can be a significant advantage for a divorced parent. It’s important that this exemption be consciously planned for as part of the divorce process. Clearly state in your divorce decree which parent has the right to take the exemption during the year(s) of separation, the year of [...] |
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