Tag Archives: Taxes

What You Should Know About Alimony and Taxes

The Tax Cuts and Jobs Act, signed into law in December 2017, changed the way alimony payments are taxed for some people. The way tax rules apply to your alimony depends on when you were divorced. Here’s a quick overview of what you should know. Changes to the system The legislation eliminated alimony tax deductions… Read More »

Tax Strategies That Could Help Your Divorce Settlement

Interested in finding ways to make your divorce settlement easier? Here are just a few strategies you could consider implementing. Put alimony in a trust The changes in how alimony would be taxed opened up some new possibilities for how you’ll deal with alimony. The spouse paying alimony is no longer able to deduct the… Read More »

What You Should Know About Divorce and Taxes

We’re in the thick of tax season now, but it also happens to be the time of year at which divorces surge. Therefore, if you’re starting a divorce process now, it’s important you keep tax considerations in mind. Here are a few things you should know about divorce and taxes. Know your filing status: If… Read More »

The Most Common Financial Issues to Confront in Divorce

Divorce does not just place a lot of strain on you emotionally and physically — it also takes a financial toll. You and your spouse must make a series of decisions that will have a significant impact on your financial situations, both present and future. The following are just a few examples of the biggest… Read More »

Tips for Achieving Financial Success During, After a Divorce

While planning for your divorce might seem like a daunting and unappealing process, it is important to prepare yourself for the process you are about to go through and what lies beyond it. Specifically, sound financial planning can help you avoid some of the challenges divorced people tend to face. Below are a few tips… Read More »

Divorce Tax Tips: The Ins and Outs of Filing Your First Tax Return

The many changes in your life after divorce include new rules imposed by the Internal Revenue Service (IRS) about your claims, deductions, exemptions and income. Divorce lawyer Bryan L. Salamone, Esq. gives you tips on accurately filing your first tax return as a single person. Your new single status The IRS classifies you as a… Read More »

Taxes and Children of Divorced Parents

As the noncustodial parent, you will likely owe child support. The amount is generally established based on New York child support guidelines calculations, with some room for negotiating a fair monthly amount. In addition, you can negotiate with your spouse to reduce your future tax liability. The actions you take during mediation can put more… Read More »