Whether you are paying or receiving alimony as part of the terms of your divorce, there are some records you should hold on to that could be important down the line in the event of a dispute. Here is a quick overview of those records you should keep. For the alimony payer If you are… Read More »
It has come to our attention that many people seeking maintenance or alimony (the less-moneied spouse, often the primary care giver, and customarily the mother) advise that their husbands have certain “unreported” income. This can be from illegal rental apartments; construction side jobs; or even a larger income than claimed for small business owners. It… Read More »
Not all alimony payments automatically qualify as being tax deductible. There are seven different requirements that the IRS has for taxpayers who want to deduct payments they make for alimony. They are as follows: Payments should be in cash or check. You cannot give assets that equal the value of your payment if you want… Read More »