Category: Tax

The importance of tax returns in divorce proceedings

  Joint Filings: Many times during a divorce, Parties are tempted to file taxes as “married filing jointly.”  Usually, but not always, your tax burden will be lower filing jointly, depending on your respective incomes, deductions, and credits. The main disadvantage of filing jointly is that both spouses are jointly and severally liable for taxes on the return, including any tax deficiencies, interest, and penalties.… Read More

The Tax Ramifications of Divorce (What the heck is front-load recapturing?)

It seems like there are tax ramifications to practically everything.  It is very rare to find a transaction where the Federal government leaves you alone—and says something is neither a gain nor a loss.  That said, in some areas the IRS is somewhat charitable to divorcing spouses and in others they are the heartless brutes that you would expect them to be.… Read More