Benjamin Franklin penned one of his most famous quotes shortly before his death. Writing to his friend, French scientist Jean-Baptiste Le Roy, he said, “…In this world, nothing is certain except death and taxes.” However, the first part of that same sentence is quoted less often. “Our new constitution is now established; everything seems…
Advance Child Tax Credit payments started arriving in the mailboxes and bank accounts of tens of millions of families this July. But there has been understandable confusion among divorced parents about how the new credit impacts them. In March 2021, The American Rescue Plan significantly expanded the Child Tax Credit. Though currently a temporary…
Tax-filing season is upon us, and for some this may come with the anticipation of awaiting tax refunds, but for a couple amid a divorce, tax season may require additional thought and planning. New tax law changes have had a profound impact on how separated and divorced couples face their taxes in the coming…
One of the benefits of marriage is being able to file your taxes jointly. That’s because you get the benefit of certain tax breaks, such as the child and dependent care tax credit, deductions for college tuition expenses and student loan interest, the deduction of net capital losses and various IRA deductions. But what…
By Debra Schoenberg More than two million couples in the U.S. get divorced every year and one of the top three reasons for splitting up is finances. The COVID-19 crisis has left many families struggling to cover basic expenses as the number of unemployment claims surge to 6.6 million. As early as this week,…
New tax laws will impact alimony payments. If you or someone you know is in the midst of a divorce, they should be equipped with a basic understanding of how the new laws affect them. SFLG’s Debra Schoenberg shares her expert insight with the California Business Journal. https://calbizjournal.com/new-tax-laws-impact-divorce/
by Debra Schoenberg Grey divorce refers to the split or separation of older couples, usually over the age of 50, who have been in a long-term marriage and maybe going through retirement. According to Forbes, divorce for older couples has increased, while the overall rate of divorce in the U.S. has declined. There are…
The new tax law passed by Congress in late 2018 and signed into law by President Donald Trump does a lot of things. For example, if you’re fortunate enough to leave behind a huge estate, your heirs will now get the first $10 million tax free. In addition, the corporate tax rate on income…
The IRS code was modified effective January 1, 2019 which now eliminates the ability to list spousal support as a deductible expense for the payer on federal income taxes. Recipients of alimony are also no longer obligated to report the payments as taxable income. The new law will apply to all alimony payments made…
Written by Debra Schoenberg October 7, 2019 Marriage is a beautiful union until things turn sour. Marriage takes a lot of work, and sometimes things don’t go as planned and you find yourself going down a bumpy road of separation from your spouse. The divorce process is a complicated and stressful situation, and it…
