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Fall 2014 Newsletter: Beware emails from the “IRS.” Update_Fall2014.pdf


Summer 2014 Newsletter: Prepare for the Medicare surtax in your 2014 planning. Update-Summer2014.pdf


Winter 2013 CLIENT UPDATE Newsletter: Heath-care reform law gets underway for individuals. Update-Winter2013.pdf.


Fall 2013 CLIENT UPDATE Newsletter: Do you have obsolete inventory? Update-Fall2013.pdf.


Spring 2013 CLIENT UPDATE Newsletter: Tax legislation effects: Update-Spring2013.pdf.


Winter 2012 CLIENT UPDATE Newsletter: Year-end checklist for taxes: Update-Winter2012.pdf.


Fall 2012 CLIENT UPDATE Newsletter: Supreme Court upholds 2010 health care law: Update-Fall2012.pdf.


Summer 2012 CLIENT UPDATE Newsletter: Diversify investments by focusing on taxes: Update-Summer2012.pdf.


Spring 2012 CLIENT UPDATE Newsletter: 12 ways to improve your financial health in 2012: Update-Spring2012.pdf.


Winter 2011 CLIENT UPDATE Newsletter: Tax rules can provide relief when disaster strikes.  Update-Winter2011.pdf.


Fall 2011 CLIENT UPDATE Newsletter: New bonus depreciation rules.  UpdateFall2011.pdf.


Spring 2011 CLIENT UPDATE Newsletter: New tax rules offer opportunities. Are you saving enough?UpdateSpr2011.pdf.


Winter 2010 CLIENT UPDATE Newsletter: Small Business Jobs Act restores familiar tax breaks. UpdateWinter10.pdf.


Fall 2010 CLIENT UPDATE Newsletter: New 2010 tax credit available to small businesses.  ClientUpdateFall10.pdf.


Summer 2010 CLIENT UPDATE: Health care reform includes current and future tax changes.  ClientUpdate.pdf.


September 2015

What are some key considerations upon separation or divorce?


Divorce or separation can have a big impact on your income taxes. The following are some of the key items that you may need to consider:

  1. •Child Support - If you pay child support, you cannot deduct it on your income tax return. If you receive child support, it is not includible in your taxable income.

  2. •Alimony Paid - If you make payments under a document such as a divorce decree or written separation agreement, you may be able to deduct those payments as alimony. If the decree or agreement does not require the payments, they do not qualify as alimony.

  3. •Alimony Received - If you receive alimony, it is taxable income to you in the year received. Keep in mind that this increase to your taxable income will increase the taxes you owe. You may need to increase the taxes you pay during the year to avoid an underpayment penalty. To do this, you can make estimated tax payments or increase your withholdings from W-2 wages.

  4. •Name Changes - If you change your name after divorce, notify the Social Security Administration in order to avoid a matching problem when you file your subsequent tax return. The name on your tax return must match SSA records. A name mismatch could cause a delay of your refund.

 


Question/Answer Archives: 2015

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