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Jul 08
2009
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Clearing Up Tax Dependent QuestionsPosted by Rick Ortiz in taxes , Milandria King , Cordell Cordell, PC , 1040 |
by Milandria King, LL.M of Cordell & Cordell, PC
DadsDivorce.com provides essential information and resources about divorce, alimony, child support and child custody to men and fathers at any stage of divorce.
Dads Divorce - Free custody and alimony advice for men and fathers.Providing essential divorce, alimony, custody and support information and resources to men at any stage of divorce.
Tags >> taxes
Single and divorced men are always eager to discover more avenues for increasing the amount of expendable or disposable income they have at the end of every month. The first place to look is right on your paycheck stub. It is quite possible that as a single man, you are having too much in taxes deducted from your paycheck every pay period. This is true if you always find yourself looking forward to the receipt of a substantial tax refund with every coming tax season. Recent reports indicate that so far this year, the average tax refund is approximately $2,800. If you're interested in making ends meet right now, filing a new W-4 form with your employer will insure that you get more of your money when you earn it; when you would likely benefit the most from it.
As most separated and divorced men come to realize, it is often a daunting effort to maintain two households simultaneously. When a man is responsible for maintaining the marital home in addition to procuring his own residence, if he is no longer residing in the marital home, this may soon present overwhelming financial obligations. Many homeowners in jurisdictions around the country are falling behind in their mortgage payments, in large part due to adjustable rate mortgages (ARMs) that have reset to higher rates. The delinquency rate for mortgage borrowers continues to increase, and a record number of homes are entering the foreclosure process. Separated and divorced men are exceptionally vulnerable. What are the tax consequences of foreclosure?
Sometimes the multitude of issues which arise when one is involved in a dissolution action may seem overbearing. Fathers often reach the hard realization that they were once capable of providing for an entire family, however, due to a division of assets and possible maintenance of two separate households, available funds often begin to rapidly dwindle. Following are some suggestions as to where single or divorced fathers can go to get their own bailout relief in these difficult economic times. |
