Divorce Advice for Men | Fathers Rights Divorce | Child Custody

In this week's Money Made Easy, financial adviser Dan Danford answers a last-minute tax question: I'm always worried I'm doing the calculations wrong on my tax return because it's confusing to me. What should I do if I make a mistake on my taxes? Does it vary depending on the type of mistake I make?

Danford, MBA, CRSP, of Family Investment Center, explains how the IRS treats inaccuracies on your taxes and what you need to do to correct any mistakes.

Financial adviser Dan Danford answers a popular tax season question in this week's Money Made Easy: How do you save money on taxes?

Danford, MBA, CRSP, of Family Investment Center, explains the need to understand how the tax system works and how the tax forms work. He also offers tricks to reduce your taxable income without actually earning less money.

Question:

My daughter recently reached the age of emancipation and my child support payments were halted. I was given the tax deduction for my daughter as part of the divorce decree and my ex signed IRS Form 8332 each year, granting me that deduction.

Now that my daughter is emancipated, I assume Form 8332 is no longer applicable, but can I still claim her if her as my dependent?

By Kristin K. Zurek

Attorney, Cordell & Cordell, P.C.

Around this time every year, clients start to ask me how to approach their tax filings while their divorce litigation is pending. As the parties are not yet divorced, does it benefit the client to filing separately or filing jointly?

Read on for the answer to that question and more advice about how to handle tax issues while a divorce is pending.

By Barry Finkel

It’s tax time. As if taxes weren’t perplexing enough, divorcees have numerous considerations when calculating income and expenses – and filing tax returns. 

Year-end tax time requires special attention. When handled by an experienced family law attorney and a tax professional, returns can meet both the letter and spirit of federal or state filing guidelines. Since state law governs how divorce is handled, it’s important to hire a local divorce attorney. 

Whether paying or receiving alimony, child support or mortgage costs, or settling real estate investments, the tax implications can be significant. Filing and reporting can be as simple as a line on a tax return, or as complicated as federal forms to be filed.