Articles Tagged with tax

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The legal fees incurred with regard to a divorce can be substantial. I have written several blog posts in the past cautioning litigants of how their decisions and actions during a divorce matter can dramatically impact the level of legal fees that can be generated, and the ways litigants can reduce or limit those fees. 1040-300x193The more legal fees incurred, the less money there is in the marital pot to be divided between the parties, to have available for future needs and expenses (college educations, retirement, etc.), and/or income to pay support or one’s own living expenses. Continue reading

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At the end of 2017, Congress passed the long awaited Tax Cuts and Jobs Act of 2017, which was a sweeping tax reform act that broadly file000802276456-300x225amended the Internal Revenue Code of 1986.  Tax rates were lowered in general for businesses.  As for individuals, the tax code may be more simplified as the standard deduction and family tax credits were increased, while most personal exemptions were eliminated.  New Jerseyans may have heard and may be disappointed by limiting deductions  for state and local income taxes and property taxes (capped at $10,000), and limiting the deduction for mortgage interest.  Continue reading

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file00032137357-300x225The 2017 Tax Reform Act has been signed into law by President Trump. This law significantly changes the tax liability of individuals. For individuals, it preserves the marriage penalty forcing dual income households to file jointly to increase their tax bracket or face the faster escalated tax rates imposed on those married filing separately. The intermediate tax haven for married persons filing separately or head of household is preserved, allowing for some planning in divorce proceedings with regard to filing status. Continue reading

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I understand why you might not want to read this but . . . tax season is upon us.   While I am an attorney specializing in family law, I frequently come into contact with other areas of law, such as irs-300x225criminal law, school law, health law, real estate law, elder law, bankruptcy law, and so on.  While I am not a tax attorney, tax considerations do come into play in family law, especially divorces, sometimes by circumstance and sometimes by necessity.   Please note that I am not an accountant, and your divorce attorney is probably also not an accountant.  I do not intend this blog to be legal or accounting advice.  If you have any questions about your tax obligations you should definitely consult an accountant. Continue reading