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Navigating the Tax Consequences of Divorce
Be sure to consult a tax professional or attorney to help you make strategic decisions about property division that minimize tax liability.
Navigating Child Custody and Tax Benefits Child custody arrangements can affect who claims the children as dependents on their tax returns. The parent with primary custody typically claims these exemptions, but couples can agree on alternate arrangements. Additionally, divorce may impact your eligibility for certain tax credits, such as the Child Tax Credit or the Earned Income Tax Credit. Protecting Your Retirement Savings Dividing retirement accounts, such as 401(k)s and IRAs, requires a qualified domestic relations order (QDRO) to avoid early withdrawal penalties and taxes. Understanding the specific rules governing these accounts during divorce is essential to protect your financial future. Ensuring Continued Health Coverage After divorce, you may lose access to your spouse’s health insurance plan. Consider the tax involved and explore alternative coverage options, such as COBRA or individual health insurance plans.
STATE OF CONFUSION WIN OF THE MONTH
Protect your financial well-being during this challenging time. Consulting with a qualified tax professional or attorney specializing in divorce can help you navigate these complexities and make informed decisions.
Don’t lose love and your money! Contact Ben Golden at IRS Trouble Solvers and let us help you navigate these complexities successfully.
CASE SNAPSHOT Client: Business Owner Type of IRS Issue: State of Illinois Income Tax Year in Question: 2014 IRS Claimed Liability: $10,840 Savings: $8,942
INGREDIENTS
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2 lbs boneless, skinless chicken breasts, cubed
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1 tsp ground coriander
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1 tsp paprika
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1 onion, diced
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1 14-oz can diced tomatoes
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2 cloves garlic, minced
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1 14-oz can tomato sauce
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1 tbsp minced ginger
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1/2 cup plain Greek yogurt
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1 tsp ground cumin
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Salt and pepper, to taste
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2 tsp garam masala
Our client came to us with a liability from the State of Illinois they incurred from an Illinois return not being filed way back in 2014. Right away, our pros got to work! Swiftly, we were able to create the Illinois return based on the federal return for that year. In the process, we discovered that the State of Illinois had not included credit for taxes paid to the State of New Jersey when they calculated the taxes due for the year in question. We corrected this omission and saved the client $8,492 in tax liability. While this was not part of our original engagement, we adjusted the engagement and handled this for our client.
DIRECTIONS
1. Place the chicken, onion, garlic, ginger, cumin, garam masala, coriander, and paprika in the slow cooker. 2. Pour in the diced tomatoes and tomato sauce, stirring to combine. 3. Cover and cook on low for 6–8 hours. 4. When the chicken is done cooking, stir in the Greek yogurt. 5. Serve over rice or with naan and enjoy!
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