Tag Archives: Taxes
Are the fees I pay my divorce lawyer deductible?
Posted on 24. Apr, 2009 by Alabama Divorce Lawyer, Jim Jeffries.
Only those fees paid to your divorce lawyer that are directly attributable to tax advice and/or related to the production of taxable income (such as alimony) can be deducted.
You may want to ask your lawyer at the conclusion of the case if she can give you a breakdown of what portion of the fee you [...]
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Divorce and Taxes
Posted on 24. Apr, 2009 by Alabama Divorce Lawyer, Jim Jeffries.
The law firm of Ullman and Allen recently posted their Top Ten List of tax issues in divorce. The failure to consider the tax ramifications of a divorce settlement is one of the biggest mistakes made by parties and even their lawyers. #10 on their list is “Get professional advice.” I echo that and suggest [...]
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Tax Time Tips for Newly Divorce/Separated
Posted on 24. Apr, 2009 by Alabama Divorce Lawyer, Jim Jeffries.
It is time to start thinking about getting tax returns filed. This article contains ten tips for tax payers who have recently separated or divorced. It covers all of the basics including filing status, tax credits, etc.
Also, if you want more in depth information, go to www.irs.gov and download publication 504, the tax guide for [...]
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Signing a Joint Return? Read This First
Posted on 24. Apr, 2009 by Alabama Divorce Lawyer, Jim Jeffries.
A March 15, 2006, Wall Street Journal article points out the difficulty that spouses and former spouses are having in seeking Innocent Spouse Relief from the IRS. When you sign a joint income tax return with your spouse, you and your spouse are jointly responsible for the taxes, interest or penalties on those returns unless [...]
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Katrina Relief – Extension to File Income Taxes
Posted on 24. Apr, 2009 by Alabama Divorce Lawyer, Jim Jeffries.
The Internal Revenue Service recently issued a Notice (2006-20) which postponed deadlines for filing certain tax returns and the payment of taxes until August 28, 2006, for those affected by Hurricane Katrina.
The Notice applies to eleven Alabama counties, including Baldwin and Mobile counties. If you are considering utilizing this option, contact your tax advisor to [...]
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Periodic Alimony is Taxed
Posted on 24. Apr, 2009 by Alabama Divorce Lawyer, Jim Jeffries.
This recent article from The Oklahoman revisits some of the tax issues arising from divorce cases. According to the article and to my surprise, there are many divorcing spouses that do not realize that periodic alimony is included as income for tax purposes (don’t there lawyers explain this to them?). So, because taxes are [...]