The Tax Ramifications of Divorce (buy a car in december, get divorced in january)

During the tumultuous end of a marriage, spouses seek counsel from therapists, friends, family, and ministers. Few spouses think of asking their CPA about their divorce. Divorce has several tax consequences. I recently spoke with a man who received a $40,000 tax bill following his divorce (ouch) at the same time he started paying spousal and child support.… Read More