Alimony must be reported as taxable income by the person receiving it. Conversely, it is deductible by the payer (child support is not tax deductible). Unfortunately, many people are unaware that they must pay taxes on the alimony and they are hit with a huge tax bill at the end of the year. Make sure [...]
Tag Archives | Divorce
Make sure you negotiate the dependency deduction.
I marvel at the number of people that do not consider the tax implications of divorce. One important consideration is the dependency deduction for children. The current tax exemption amount for each dependent child is $3,200. For someone in the 31% tax bracket, this will save him or her over $1000 in taxes. In addition [...]
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