Tax & Financial expert, Michael Isenhart of Isenhart Tax & Financial, joins family law attorney, Dan Cuneo, JD (Cordell & Cordell, PC) to discuss changes in this year's tax laws pertaining to dependent children of divorced or separated parents or parents who live apart. Make reading this a part of your divorce financial plan.

This document contains final regulations relating to a claim that a child is a dependent by parents who are divorced, legally separated under a decree of separate maintenance, or separated under a written separation agreement, or who live apart at all times during the last 6 months of the calendar year. Watch this interview before you file your taxes!

Read more to see our expert discussion.
Read the IRS document for yourself right here.
Read Mr. Isenhart's full article regarding these IRS changes pertaining to children of divorced parents.

by Michael “Your Plan of A-Tax” Isenhart, E.A.

Will you still be able to claim your child as a dependent for 2009 and forward?  Did you know that final regulations going into effect this year that allow the revocation of a child exemption granted to you in a previous year?  Are you aware that beginning January 1, 2009 there is only one best way to ensure the tax deduction for your child remains valid going forward?
 

by Michael Isenhart,  EA

Due to the changing political climate, it may pay to plan ahead before year end to maximize tax savings and avoid tax traps. The incoming regime defines high-income earners as those making over $250,000.00. They’ve made it clear that they will be raising their tax rates. It may be worthwhile for affected individuals to sell items yielding capital gains before the year’s end. This strategy should also take into consideration that the market hasn’t been doing very well. It still could, however, pay to take a closer look to determine feasibility. High earners may also want to look at moving bonuses and income that they will be receiving next year into this year to get the lower tax rates. You may also want to push deductions like estimated tax payments, charitable contributions, etc into next year.

Cordell & Cordell attorney Angelyn Zimmerman discusses "Divorce & Taxes" with Michael Isenhart of Isenhart Tax & Financial.

Learn the strategy for assembling and utilizing your divorce team of experts in order to maximize control over your financial well-being.