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When a couple decides to divorce and one or both spouses own a business, a business appraisal or valuation is needed to determine its value. The appraisal is performed to determine how much the business is worth and what portion of this value is owned by both parties (the community). The community value in the […]

When you find yourself amid a divorce or separation, it is hard to know what to do first, especially when it comes to dividing you and your spouse’s financial assets. And if you and your spouse own a business or professional practice, it will be one of the areas that will go under the financial […]

When you start developing your retirement strategy, no matter your age, it is essential to consider several key factors, especially if you have a complex financial portfolio. Here are some thoughts and questions we like our clients to consider during our initial consultation with them: What are your current income streams Where do they come […]

  Leading and running your business will involve so many moving parts. It is a complicated endeavor which requires careful balance and great expertise. As an executive or business owner, one business trend you ought to consider is outsource accounting, which places accounting professionals to work so you have more time to grow and maintain […]

The Tax Cut and Jobs Act of 2017 changed the landscape in calculating the income tax of businesses and individuals.  One of the changes of this Act affects the use of the “B”-key in DissoMaster calculations in divorce actions. Until 2019, the payment of alimony under a divorce or separation instrument was deductible by the […]

Marriages dissolve for many different reasons – sometimes mutual, sometimes not. Either way, it can be a grueling process for all involved.  There are so many questions that you need answered. One of them is, how will you go about protecting your finances throughout the divorce process? Here are some points to consider before starting […]

Businesses which significantly improve, construct, or acquire a building — or did so within previous years — ought to consider a cost segregation study. It might permit you to accelerate depreciation deductions, thereby decreasing taxes and increasing cash flow. Plus, the possible benefits now are even greater because of enhancements to specific depreciation-associated breaks underneath […]

The new 2017 Tax Code will influence your spousal support payments. This law will go into effect January 1, 2019. If your divorce becomes finalized after December 30, 2018 this ruling will affect you. Here are the key takeaways and deadline dates to keep in mind: Before the 2017 change in the tax code: The […]

Another year is quickly coming to a close and it’s time to address planning opportunities aimed towards reducing your 2016 income tax liability.  Therefore, while you are decking the halls and preparing the eggnog we recommend that all of our clients invest a few hours before year-end to project their 2016 taxable income and reflect […]

During a divorce situation the responsibility to report and pay income taxes on all sources of community property can prove to be a heavy financial burden (see previous post re Reporting Income and Deductions on Separate Returns).  Fortunately, the IRS offers several sources of relief from this burden.  The Community Property Laws with respect to […]

FINANCIAL PLANNING IS FOR EVERYONE You are cordially invited to an open house to celebrate the launch of a new Financial Planning and Investment Advisory Service to be provided by WZWLH Wealth Advisors, LLC Date: Wednesday October 26, 2016 Time: 5:30 to 7:00 Location: WZWLH office – 4 Park Plaza, Suite 200, Irvine, CA 92614 […]

Every year when the new DissoMaster software is released, I like to examine its contents to see if anything was substantially changed. Throughout the year different groups may ask me to present a DissoMaster instruction program to their employees. Having new content is like adrenaline to an athlete; it piques my interest and spices up an […]

If married spouses elect to file separate returns (see previous post re: filing status), each should report only their own income, exemptions, deductions, and credits on their individual return.  This reporting may be easier said than done.  It may not always be clear who owns what investment and its income stream and who paid and […]

As most of you are aware, tax season 2015 is here.  During tax filing seasons I am often asked to evaluate whether or not one of the spouses undergoing a marital dissolution should sign a “married filing joint” tax return prepared by their spouse (or their spouse’s advisors).  The reason this question gets asked so […]

Our recent blog post Year-End Planning 2015 (posted on December 4, 2015) mentioned the possibility of some upcoming tax extender legislation.  Sure enough, on December 18, 2015 the President signed the bill.  Known as the Protecting Americans from Tax Hikes (PATH) ACT, it made permanent or further extended many of the more than 50 tax […]

Another issue individuals contemplating divorce must resolve is who gets to claim the Dependency Exemptions for the children. In general, a taxpayer may claim a Dependency Exemption for each child who is under age 19, or under age 24 if a full-time student, and lived with the taxpayer for more than ½ of the year, […]

UPDATE: The basic principles of this article can be applied to any tax year. Make sure you check for any changing tax laws and consult a tax professional. It’s time to address planning opportunities aimed towards reducing your 2015/2016 income tax liability. We recommend that all of our clients invest a few hours before year-end to […]