Tax exemptions, tax deductions and Michigan divorce: The most comprehensive publication on tax considerations applicable to Michigan divorced or separated individuals is published by the Department of the Treasury – Internal Revenue Service Publication 504 for use in preparing tax returns. A link to the publication can be found at: http://www.irs.gov/pub/irs-pdf/p504.pdf This IRS publication addresses[…]
Taxes and divorce or separation: The tax rules that apply to divorce and separated individuals can be complex. In fact, the Internal Revenue Service has a 29 page publication on the subject. The publication for use in preparing your 2013 income tax returns can be found here: http://www.irs.gov/pub/irs-pdf/p504.pdf. Most Michigan divorce lawyers get nervous when[…]
Michigan Divorce and Innocent Spouse Relief: Imagine you discover before, during or shortly after your divorce that you have a large outstanding tax liability. You may have known nothing about it. Unfortunately, the IRS will likely hold you equally responsible for all tax due even if the income or improper deduction was the fault of[…]
Alimony, taxes and divorce in Michigan: Addressing potential tax issues in your negotiations can avoid problems in the future. For example, many lawyers believe that alimony payments are always tax-deductible to the person paying and taxable as income to the recipient. This is not the case. In order to qualify for the taxable or tax-deductible[…]
Taxes and Innocent Spouse Relief: We are fascinated with the failures and problems of celebrities and every year, the IRS chases people who evade or underpay federal income tax, and actors and popular figures in the media make the news. The facts are tax problems are not only common among celebrities. What if your spouse[…]