What’s Your (Filing) Status A Deep Dive into Divorce and Taxes

I was talking to one of my colleagues, Marianna Goldenberg, founder of CURO Wealth management, who told me that one of her clients decided to delay her divorce because she wanted the tax deduction for the children. She didn’t realize that alimony is taxable, so putting off the divorce ended up costing her in the end! With tax season just around the corner, this conversation prompted me to write about what you should consider when filing your income tax returns if you are separated or divorced. There are some things to consider: Filing Status, Tax Deductions for Children, and Alimony and Child Support.

First, Filing Status

Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and your correct tax. You want to choose the one that results in the lowest amount of tax. In general the tax rates get higher in this order, starting with the most advantageous: Married filing jointly Single head of household Single Married filing separately

But there are things to consider – carefully – before you decide which way to go. Filing jointly: As far as the IRS is concerned, If you are separated but still legally married as of December 31st of the year in which you are filing, you are considered married and can file a joint return with your spouse. Is this a good idea? Keep in mind that if you file jointly, you could be liable for any problems related to the return. I have heard from countless women who said they didn’t know that they were exposed to the liability of the joint return they signed. It is never a good idea to sign without fully understanding all of the information claimed. If you aren’t sure of the information, hire an independent accountant and have them review any tax returns before you sign them. Worst case, if you find you have signed a return that creates a liability, you can try to invoke the -innocent spouse- principle that allows a spouse to escape liability, if they can prove their case. I don’t suggest this as a plan, but it may help if you find yourself in that position.

Single: Since your filing status depends on your marital status as of December 31, if you were divorced by that date you would file as single taxpayer, regardless of whether or not you and your spouse lived together during any part of the year. If you are still married on December 31, and if you and your spouse live together, and are not legally separated, you must file either married filing jointly, or separate returns. Married filing separately is usually the least cost-effective way to file taxes.

Single, Head of Household: You may qualify for Head of Household if you meet the following conditions: You were unmarried or considered unmarried on December 31. You paid more than half of the household costs for the year. You have a child or other qualifying person living with you for more than half the year.

Second, Tax deductions for Children Most divorcing couples believe that they are entitled to take the exemptions for the children. I have seen divorces delayed due to people thinking they will lose the exemption if they divorce. Often, when there are multiple children, spouses agree to split the exemptions. While the IRS assumes that the spouse who has custody of the children is entitled to the exemption, in fact the spouses are allowed to trade them back and forth freely, using IRS Form 8332.

Honestly, the spouse with the higher income should tax the deduction, otherwise, they are missing a chance to maximize tax savings. I know this idea makes the other spouse feel like they are missing out on a tax savings so I suggest consulting with an expert on tax in divorce who can calculate the value of the exemption(s) to each spouse. The one who can make better use of the exemption(s) should take all of them, and if appropriate, compensate the other spouse. As my mom always says, pick your battle and this would not be the one that I would advise you to pick!!

Third, Alimony and Child Support It is important to understand the following: child support is not a deduction for the paying parent nor taxable income to the receiving parent. Alimony is. When completing your lifestyle analysis you should take into account (as an expense) the taxes that will be due on alimony, and budget to pay that expense quarterly. Otherwise, April 15th will come and you will be upset with the tax bill that may be handed to you! Believe me, I have clients who are prepared and still get upset! It is important to consider taxes when negotiating alimony. When possible, would it be better to take a larger marital asset distribution in lieu of alimony? Short answer – yes!

Taxes are not simple, and as in all complicated issues, I urge you to consult your Lawyer, Certified Divorce Financial Analyst or Financial Advisor for further details.

Contact Catherine Shanahan at www.csmdivorcesolutions.com.

Discrimination Lawyers Nyc Giving Men And Women An Assurance Of Getting Over Discrimination

Among the social factors that strikes major cities such as New York is discrimination. There are employment laws present to defend men and women from experiencing unfair treatment in a work environment. These laws defend a number of personal traits. Among the individual characteristics protected by these laws include age, gender, race, religious beliefs, and disability. Some employees experiencing discrimination at work have the tendency to balk at filing a lawsuit. Some are scared of retaliation while others are not sure if their grievances have grounds.

A discrimination attorney easily acknowledges if discrimination has happened whether or not it happened directly or indirectly. Evaluating the case of their client and determining if there is a ground for a legal case is among the first things an attorney must do. The protection against discrimination can be applied from recruitment to dismissal, and this is the matter that you should always remember. Every state has different employment laws. For that reason, you will need a discrimination lawyer NYC. It is a guarantee that they can apply their knowledge on the laws implemented in a particular state that can be very useful for their clients.

A complainant could find working with legal processes complicated, particularly in terms of collecting the necessary documents. Words must be chosen thoroughly because the attorneys of the employers can use it to their advantage. Experienced discrimination lawyers know already what their client should and should not say. To guarantee that your case will stay strong, they’ll lead you in every step that you will take.

The weaknesses and strengths of the case will be identified by the New York discrimination attorneys. This will assure the case has a high chance of winning. Furthermore, getting a fair settlement is also a thing they ensure to their clients. It is important to seek for a legal help the soonest possible time. This is because a discrimination claim can take a long time to complete. The recommended days for filing the case is within 300 days after the discrimination transpired. Filing a claim near the end of the statute of limitation is not a practical move.

The services of discrimination lawyers available in New York can be seen in their official websites. Finding these lawyers is just a piece of cake, yet you have to be thorough in picking the one that you believe can satisfy your demands. The best ones to employ would be the New York discrimination attorneys who have been in this field of work for a long time. Evaluate their status first before getting the services of a lawyer. Clients should select an attorney who already won many discrimination cases so you will have greater success rate.

Men and women should likewise speak to the discrimination lawyer they are planning to hire personally. This is the chance to evaluate if the lawyer has the interest to fight for their client’s rights. The initial discussion with lawyer is also the time to discuss other vital matters like the lawyer fee and other expenses related with the legal process.

Even a strong discrimination case would fall to bits in only one bit of mistake. Nobody should be maltreated and so discrimination should be shunned. It is essential that plaintiffs hire a reliable New York discrimination lawyer so they can receive the justice they ought to have.

Types Of Damages In A Personal Injury Case

Once a plaintiff wins a personal injury lawsuit, he or she may be entitled to recover some damages from the defendant.

This could include compensation for lost income, pain and suffering and hedonic damages.

There is no exact amount as personal injury damages are determined by a jury in a case-to-case basis.

However, the most common types of damages awarded are the following:

Compensatory Damages

Compensatory damages are meant to make up for the losses the victim sustained as a result of the personal injury.

There are two types of compensatory damages; the economic and non-economic losses.

Economic losses refer to damages that automatically have a dollar figure.

Examples are:

Medical expenses This may include past and future medical expenses. Future medical costs represents the amount needed for the patients medical care for the rest if his life or until he recovers from the injury.

Lost Income This will include all wages or salary that the victim lost as a result of the personal injury.

Property Damage This covers the cost of repairing or replacing damaged property like a vehicle from a car accident.

Cost of living with disability If the victim sustained injuries that prevents him from engaging in any substantial gainful activity, then the costs of altering the victims lifestyle to suit his disability will be shouldered by the defendant.

Non-economic losses on the other hand are damages that do not have a dollar value but will be assigned one by the courts.

Examples are:

Pain and suffering This include compensations for actual physical and emotional pain that was brought by the personal injury. Emotional distress can come in the form of anger, fear, frustration and other negative emotions that resulted from the injury.

Loss of Consortium Wives and husbands can also receive compensation for the loss of intangible things they get from marriage such as loss of solace, affection, comfort, companionship and sexual relations.

Hedonic damages This refers to the amount equivalent to the loss of enjoyment of life. Examples include, participating in sports and hobbies, sensory experiences, and unencumbered movement. While some states consider this as part of pain and suffering, some California courts recognize it as a separate form of damages.

Punitive Damages

This is usually awarded when the conduct and behavior of the defendant has been intentional or just simply outrageous.

While the damages are awarded to the victim, the real aim is to punish the defendant and deter other people from committing the same or similar acts.

Nominal Damages

In cases where there is very little injury or damage, the court may decide to award the victim some amount of money to acknowledge that he or she has been legally wronged by the defendant.

How To Choose A Personal Injury Attorney

When choosing a personal injury attorney remember the word personal. Before I began my law firm in Reno I experienced first-hand how lawyers would put their clients on the backburner and the clients would suffer and so would the case. When choosing an attorney it comes down to three things: experience, experience, experience. You must have somebody that can communicate with both the lawyers and with the client. It is very important to have somebody who is willing to work.

As a general rule of thumb, shop around before deciding on who is the best fit for your case. Remember, ask specific questions relating to your case that will help narrow your choices. For instance, if you recently suffered from a case of medical malpractice you might ask them about the number of malpractice cases they have dealt with. This is a great way to determine an attorney’s experience level.

Once you know their experience level it is important to know there success level. When looking for a personal injury attorney, it is important to ask for the attorney’s record of accomplishment. How successful have they been? How much money did they recover for their client? These two questions will give you a better understanding of the attorney.

Once you think you have found a couple personal injury attorneys that you think can represent you, it is important to ask them to explain their fees and any other charges that would be associated with your case.

If you still need help, you could turn to friends and family members. Personal experience referrals can be very insightful. Although a referral from a friend or family member is a good start, it is important that you still consider your situation when choosing an attorney.

Sometimes attorneys can refer you to another attorney. The attorney may ask for a referral fee and if this makes you uncomfortable make sure to make that clear from the beginning. You may not realize it but those TV attorneys with flashy 1-800 numbers are just referral companies for a pool of attorneys.

If you have recently suffered from a personal injury, it is crucial that the personal injury attorney that you choose not only hears your case, but also listens to what you have to say. A good personal injury attorney will follow up with you throughout the case. They will make themselves available to meet with you to answer questions or talk to you about your concerns.

Lastly, never forget about the experience. Experience can make or break a case. It can also be the difference from a good personal injury attorney and a great one. Your case will benefit from strong experience, personal contact and personal service, so be careful and make sure you spend the right amount of time doing your research.

The Best Criminal Defense Lawyer Jacksonville Defenders

In the present day, where there is chaos and confusion it is very difficult to maintain the law and order and to maintain peace at all stands. Even though there are different personnel that are involved and are striving to bring peace and harmony in the country, there are many types of criminals popping up day by day. Because of the greed for money and other sources, there are criminals that are increasing on daily basis. Most of them take the help of The Best Criminal Defense Lawyer Jacksonville which will help the victims and will do justice to them.

The criminal laws are very specifically used during the serious results in terms of breaking the law or failure to follow the rules. Each and every crime consists of criminal elements that will cause the dangerous situations in the society. In case of serious crimes, the capital punishment is decided.

In the ancient history of criminal cases, the punishment that was decided was the physical punishments which are imposed such as the whipping and caning, but in the present day such punishments are prohibited. Depending on the jurisdiction, the individuals can be jailed or prisoned for years together. There can be government supervision that can be imposed which will involve house arrest and the culprits may be needed to confirm the guidelines that can be as a part of parole. The prisoner can also be fined based on the loss that is made by the convict in terms of property or money.

If there are individuals who are arrested or questioned for any case of crime that is not sure one can contact the Best Criminal Defense Lawyer Jacksonville who will help in protecting the rights before any particular statement is made by the police or any other prosecutors. It is very real statement to say that anything that is spoken out can be used as a statement against the individual.

Any kind of explanations or the statements that are given to the authorities will be clearly said by the lawyers that which will help in protecting and safeguarding the rights and interests of the individuals. The individuals who approach the lawyers who are accused of doing the crime needs to explain all that has happened at the crime spot and also define how that individual got connected to the crime. Then the expert lawyers will help in defending the accused and free them from huge types of punishments.

Bodh Mann is an author of kuritzlaw website. There are some well known and reputed legal firms in Florida provide professional legal services to their clients. For more information and details about outstanding warrants Jacksonville and drug trafficking Jacksonville. please do not hesitate to visit their valuable website.