How Will Your Divorce Impact Your Taxes?
- Is the spousal support or child support that you are paying deductible?
- Is the alimony that you are receiving taxable?
- Should you change your withholdings?
- How will the using of your retirement to pay for or settle the divorce impact your taxes? Are there penalties?
- How will capital gains exemptions on the sale of your home be impacted by your divorce?
The answers to these questions are essential for you to get a new start.
Tax Solutions and Answers
There is no way around the fact that the tax codes are confusing and complex. Divorce complicates the situation even more with shifting assets, changing income sources and amounts and new objectives. Additionally, there are the unexpected costs that accompany the dissolution of one household and the formation of two new ones, which is often financed through the couple’s investment and retirement accounts.
Unraveling this is not a do-it-yourself proposition. You need a Divorce Accounting Pro.
You don’t have to do this alone. Reach out to learn more about how a Divorce Accounting Pro can help you make the right tax and accounting decisions as you start down a new path.