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, […]
Author: Ron E. Thompson
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 […]
There are a lot of tough decisions to make in situation when your marriage is failing including if/when to separate, if/when to file for divorce, how to handle child support and alimony, child living arrangements, and the division of property. A very important decision tha t is often overlooked at this time (i.e. before a […]
History For obvious reasons the United States Treasury is interested in identifying individuals who have interests in foreign financial assets. In 1970 Congress enacted the Bank Secrecy Act which included requirements for filing an annual Foreign Bank and Financial Account (FBAR) report (originally known as Form TD F 90-22.1). The Treasury Department created the Financial […]
If you are in a situation where divorce appears to be the only option, you should probably retain the services of a competent experienced family law attorney as early as possible to help guide you through the process and protect your interests. Just the same there are technically five distinct options for obtaining a divorce […]
Right after concern for the welfare of the children, the biggest concern during and after the divorce process generally relates to the fear of the unknown financial impact. During the divorce process, costs generally rise dramatically as the spouses often incur new outlays for legal and forensic representation, emotional counseling services, and separate housing. This […]