Year End Tax Planning For Divorcing Dads

by Michael Isenhart, EA Due to the changing political climate, it may pay to plan ahead before year end to maximize tax savings and avoid tax traps. The incoming regime defines high-income earners as those making over $250,000.00. They’ve made it clear that they will be raising their tax rates. …

Post-Divorce Housekeeping: A General Overview: Part 2

by Tiffany McFarland Esq., Cordell & Cordell, PC. Transferring IRA Interests Interests in your traditional individual retirement account (“IRA”) or that of your spouse may be made per Internal Revenue Service (“IRS”) guidelines when the transfer is incident to a divorce. The transfer is tax free. There are two commonly-used …

Maintenance: What you want to know…

MAINTENANCE: HOW IS IT CALCULATED, HOW CAN IT BE REDUCED, and WHEN DOES IT END? by Claudia J. Weaver, Cordell & Cordell, P.C. Alimony, now commonly referred to as maintenance or spousal support, is often a significant concern of those getting divorced. We have a public policy in this country …

How Our Tax Dollars Subsidize Family Breakup

Divorce and unwed childbearing cost taxpayers at least $112 billion each year or more than $1 trillion over the last decade. This estimate from the Institute for American Values is, as the authors suggest, likely to be an underestimate.

Death And Taxes (And Divorce)

We’ve all heard the old adage that “there’s nothing certain in life but death and taxes” and maybe that’s why, when it comes to divorce, so many people are surprised at what effect a divorce can have on those two seemingly unmovable certainties. Everything else in divorce is so up in …

How To Keep Your Stuff Through Divorce

Dividing property in a divorce process can be an emotional and difficult process. It’s common for each party to often feel that the individual assets belong only to them. This is especially true when it comes to marriages with small businesses or pertaining to retirement accounts. The party who opened and worked in the business, or who …

Budget Not Bankruptcy

“How am I supposed to pay that much and continue to live?!” For most noncustodial parents the amount of child support that they are determined obligated to pay comes as a shock. In many states the amount of child support a non-custodial parent is obligated to pay can be as much …

It’s What You Keep…

According to the Tax Foundation, a non-profit, non-partisan organization, Tax Freedom Day will come on April 23 in 2008. What this means is that the average American will be working through the 23rd just to pay all of their taxes. This includes both federal and state income taxes, sales and …

Use Your Check Wisely

The economic stimulus plan has been passed into law, and for most Americans, that means a check will be in the mail sometime in May. Just about every American will qualify for a rebate except for those with very high incomes and those who pay no taxes or have less …

Better Safe… Trends In Prenups

Admittedly, a prenuptial agreement does not make for light conversation. But with the divorce rate as high as it is in the U.S., currently 40 percent, it’s often a topic broached by couples getting married. Three local lawyers explain the ins and outs of today’s prenups. “A prenup is a …