One of the issues to resolve in a divorce cases is the allocation of the dependency exemptions. While the IRS says that they should go to the custodial parent, by
Continue Reading Making the Release of the Dependency Exemption Conditioned Upon the Receipt of the Child Support Due
Dependency Exemption
Read Matt Levitsky's Post Entitled "Who Gets to Claim the Child if there is 50/50 Custody?"
Matt Levitsky, an associate in our Montgomery County, Pennsylvania office wrote a guest blog for our fir’s Pennsylvania Family Law Blog entitled "Who Gets to Claim the child if there is…
Filing Your Taxes During a Divorce: What to do?
April 17, 2012 is the 2011 tax filing deadline and it’s quickly approaching. The Government does not care that you are going through potentially the most difficult time period in your life. Like the Godfather, the IRS wants its money. It does not want to hear excuses. It does not want to hear that you always filed jointly and now your soon-to-be ex-spouse will not sign the joint return, or provide their W-2, or disclose the income of the closely held business because they fear it will be used against them in the divorce process.
Filing your taxes can be difficult, especially if you owe money. Trying to file when going through a divorce can be especially difficult. That is why it is important to work with your attorney and a tax professional. There are many decisions to make when filing taxes during a divorce. First, you have to determine your filing status: married filing jointly, married filing separately, or head of household. If you decide to file jointly, make sure to be extra diligent. If your spouse prepares the returns, have your own tax professional review them to ensure that they are accurate. The IRS does not care that your spouse prepared or filed the taxes. If you sign the return, you can be held liable for misreporting.
If you decide to file married filing separately or head of household (if you qualify), the following determinations have to be made (and in some instances negotiated):
1. Who gets the mortgage interest deduction(s) and other itemized deductions?
2. Who gets to claim the child(ren)?
3. Can I deduct the temporary support?
4. Can I deduct my legal expenses for the temporary support?
5. Who gets to claim the Child Tax credit and the Household and Dependent Care credit?Continue Reading Filing Your Taxes During a Divorce: What to do?
Read Mark Ashton’s Timely And Topical Post Entitled “Tax Time”
As tax day is around the corner, Mark Ashton, a partner in our Exton, Pennsylvania office, and a contributor the firm’s Pennsylvania Family Law blog, wrote a timely post…
Continue Reading Read Mark Ashton’s Timely And Topical Post Entitled “Tax Time”
Clarification to the Amended IRS Tax Exemption Provisions
During tax season this past Spring, we posted blog entry entitled "Who Gets The Tax Exemption". This past month in a Chief Counsel Advice (CCA), the IRS has clarified the…
Continue Reading Clarification to the Amended IRS Tax Exemption Provisions
Who Gets the Tax Exemptions?
As April 15h quickly approaches and the pressure to get those tax returns completed and filed grows, the issue of which parent can claim a child or children as a…
Continue Reading Who Gets the Tax Exemptions?