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Alimony payments from divorce or separation agreements that were finalized before Jan. 1 are still considered an above-the-line deduction when filing taxes.
You could be eligible for some tax breaks once your divorce is finalized. Keep reading to learn about what they are and how they may apply to your situation. 7 Overlooked Tax Breaks After Divorce ...
The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it … Continue reading → The post Filing Taxes After Divorce: A Practical ...
The U.S. federal estate and gift tax marital deduction is only available if the surviving spouse is a U.S. citizen. For a surviving spouse who is not a U.S. citizen, a bequest through a Qualified Domestic Trust defers estate tax until the principal is distributed by the trustee, a U.S. citizen or corporation who also withholds the estate tax.
Some states have licensing requirements for anyone who prepares tax returns for a fee and some for fee-based preparation of state tax returns only. Commercial tax preparation software, such as TurboTax, is widely used by individuals preparing their own tax returns. The Free File Alliance provides free tax preparation software for individuals ...
The U.S. tax code allows taxpayers to claim deductions that reduce taxable income, such as certain charitable contributions, mortgage interest, and state and local income, property, and sales taxes (such deductions which are subject to limitations including, but not limited to, the $10,000 state and local tax deduction limit and the 50% AGI ...
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