Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Tax Deduction for Alimony Payments? - Yes!


Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alimony can claim a deduction for the payments if the following tests are met:

1. You and your spouse or former spouse do not file a joint return with each other,

2. You pay in cash (including checks or money orders),

3. The divorce or separation instrument does not say that the payment is not alimony,

4. If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members of the same household when you make the payment,

5. You have no liability to make any payment (in cash or property) after the death of your spouse or former spouse; and

6. Your payment is not treated as child support.

If you are receiving or paying alimony, you must use Form 1040 for your personal taxes. Regardless of income levels, deductions or miscellaneous tax issues, you cannot use Form 104A or Form 1040EZ.

In preparing your tax return, the person receiving alimony will report the information on line 11 of Form 1040. That person must also provide their social security number to their former spouse or face a fine of $50. The person paying the alimony can claim the deduction on line 34a of Form 1040.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.


MORE RESOURCES:

Taxes - Google News

The Facts About Who Pays the Most in Taxes in America - Daily Signal


Daily Signal

The Facts About Who Pays the Most in Taxes in America
Daily Signal
There's another side to taxes that goes completely unappreciated. According to a 2013 study by the Virginia-based Mercatus Center, Americans spend up to $378 billion annually in tax-related accounting costs, and in 2011, Americans spent more than 6 ...
How the Swindlers of Silicon Valley Avoid Paying Taxes The Nation.

all 4 news articles »

Trump, in Heritage speech on taxes, vows to return to Reagan-era economic boom - Politico


Politico

Trump, in Heritage speech on taxes, vows to return to Reagan-era economic boom
Politico
“Working closely with the Heritage Foundation, Ronald Reagan cut taxes to unleash the economic miracle of the 1980s,” Trump said during his address at the think tank's annual President's Club Meeting. “You understand that lower taxes mean bigger ...
Today in Conservative Media: What Does Tax Reform Mean, Anyway? Slate Magazine (blog)
The dirty secret of tax reform: It's all about cutting business taxes Yahoo Finance
National Review National Review
CBS News  - Daily Signal  - Fox News
all 217 news articles »

Trump focuses on taxes in red meat speech before conservatives - CNN


CNN

Trump focuses on taxes in red meat speech before conservatives
CNN
"You understand that lower taxes mean bigger paychecks, more jobs and stronger growth," he said. He called on the audience to help push the plan, which is still in the works, through Congress. "We need the help of The Heritage Foundation and everyone ...

and more »

Texas taxes may be low, but they're poorly imposed - Houston Chronicle


Houston Chronicle

Texas taxes may be low, but they're poorly imposed
Houston Chronicle
Most economists agree that how a government levies taxes is just as important as how much it collects. And each year, the right-leaning Tax Foundation tries to call attention to this principle by publishing the State Business Tax Climate Index to ...
2018 State Business Tax Climate Index Tax Foundation
Report: Illinois ranks 29th in tax climate for business Chicago Tribune
Texas business tax climate ranks 13th in nation Chron.com

all 44 news articles »

Rauner's tax returns: $91 million in taxable income for '16 - Chicago Tribune


Chicago Tribune

Rauner's tax returns: $91 million in taxable income for '16
Chicago Tribune
Bruce Rauner had more than $91 million in state taxable income in 2016, a significant drop from the $188 million he and wife Diana reported for 2015, according to tax returns the governor's office released Tuesday. The Rauners paid $19.5 million in ...
Gov. Rauner releases 2016 tax returns KFVS

all 29 news articles »

Proposal would provide $1.1 billion worth of property tax relief - Omaha World-Herald


Omaha World-Herald

Proposal would provide $1.1 billion worth of property tax relief
Omaha World-Herald
Steve Erdman of Bayard said the proposal would provide income tax credits equal to 50 percent of the property taxes paid to school districts. The credits would be refundable, meaning that people would get a check for the amount by which the new credit ...

and more »

Bannon becomes threat for Senate GOP on taxes - The Hill


The Hill

Bannon becomes threat for Senate GOP on taxes
The Hill
A win on tax reform could quiet Bannon, Graham suggested. “If people see us delivering on health care and taxes … all of our guys and gals are going to win,” Graham said. “But if we go into 2018 saying, 'well, we just don't have enough Republicans,' ...
Senate GOP Survives the First of Many Votes on the Road to Cutting Taxes New York Magazine
Trump's tax proposal won't actually help the middle class. Here's what would. Washington Post
Paul Ryan: Claim that GOP tax overhaul favors wealthy is 'class warfare rhetoric' Madison.com
OregonLive.com  - Vox
all 159 news articles »

Emanuel may opt to raise 911, Uber taxes, setting aside council ... - Chicago Tribune


Chicago Tribune

Emanuel may opt to raise 911, Uber taxes, setting aside council ...
Chicago Tribune
Chicago aldermen floated raising parking rates, licensing bicycles and even icrasing a little-noted pop tax to raise more money for the city.

and more »

White House fears Senate will sink tax cuts - Politico


Politico

White House fears Senate will sink tax cuts
Politico
President Donald Trump and Mitch McConnell stood side by side at the White House Monday afternoon to declare they're “together totally” and “very united” heading into this fall's tax reform battle. But behind the scenes, Trump, his administration and ...
Trump and McConnell: We're friends — and we're going to get tax reform done this year CNBC
Collins Likely to Support Senate Resolution Key to Tax Reform Bloomberg
Trump has a credibility problem on tax reform Yahoo Finance
Fox News
all 1,180 news articles »

Americans would see up to a $9000 raise if US cuts corporate taxes, says Trump economic advisor - CNBC


CNBC

Americans would see up to a $9000 raise if US cuts corporate taxes, says Trump economic advisor
CNBC
American workers would get a pay raise if Republicans are able to reduce corporate taxes, argued the chairman of President Donald Trump's Council of Economic Advisers. Cutting the U.S. corporate rate from 35 percent to 20 percent would provide ...
Trump's Top Economist Says Corporate Tax Cuts Will Lift Workers' Wages New York Times
White House: $4000 more for families with business tax cuts Chicago Tribune
Donald Trump's tax plan isn't going to be a $4000 windfall for American households Quartz
Bloomberg  - The Hill  - WhiteHouse.gov  - Center on Budget and Policy Priorities
all 118 news articles »

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

© www.PrimeNews.biz - 2012

home | site map | links