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Are Divorce Lawyers’ Fees Tax Deductible?

By Russell Knight | February 9, 2022
Divorce lawyer tax deductible

A tax deduction is an allowance whereby the IRS allows you to reduce your total taxable income by a certain amount because of some event. By allowing tax deductions, the United States tax code is encouraging certain behavior by removing…

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How Can I Keep My Ex From Claiming My Child On Their Taxes?

By Russell Knight | January 5, 2022
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What if your ex claims your child on your taxes?

There are significant benefits to declaring a child on your tax return.  However, you can’t get those benefits if someone else has claimed your child on their tax return.   “There shall be allowed as a credit against the tax…

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Reading Your Spouse’s Tax Returns In An Illinois Divorce

By Russell Knight | October 13, 2021
Tax returns in an Illinois divorce

A divorce is the untangling of two people’s lives, personally and professionally. It is not uncommon for one spouse to hold a monopoly on the parties’ financial information. Tax returns will reveal almost all of a party’s income and assets…

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1031 Exchanges And Divorce In Illinois

By Russell Knight | August 28, 2021
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Capital Gains And Taxes in An Illinois Divorce

When a couple owns real estate together and gets divorced one of three things will happen to that house. One party will keep the real estate and the other party will receive other marital assets have an equivalent value of…

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Innocent Spouse Relief And Illinois Divorce

By Russell Knight | July 11, 2021
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Tax Debt Relief After Divorce

People who cheat on their spouses, betray their spouse’s trust and disregard their spouse’s feelings…usually don’t care much about what they owe the Federal government in taxes. But, most spouses file their taxes jointly and, therefore, both spouses sign the…

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What Happens To A Tax Refund In An Illinois Divorce?

By Russell Knight | February 7, 2021
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Tax Refund

Tax refunds can be afterthought in an Illinois divorce. Maintenance, child support and the division of assets and debts will dwarf the money the at the U.S. government owes one or both parties to an Illinois divorce. Still, money is…

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Who Gets The Tax Attributes In An Illinois Divorce?

By Russell Knight | December 26, 2020
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Tax Deductions In An Illinois DIvorce

For most people, tax issues are not a big issue in their Illinois divorce. After any remaining tax debts are allocated, the only issue is who declares the children on their taxes in which years. For the wealthy, taxes are…

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Maintenance Modifications And Taxes After An Illinois Divorce

By Russell Knight | December 5, 2020
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Taxes and Alimony in Illinois

Before 2019, maintenance (formerly known as alimony) worked much differently in Illinois. Over time, laws change and people’s circumstances change. Maintenance almost always gets modified in the future due to an economic setback for the payor, an economic boost for…

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How To Read A W-2 In An Illinois Divorce

By Russell Knight | November 13, 2020
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W2 divorce

In almost every Illinois divorce financial documents will be exchanged between the parties. This exchange always includes the parties’ taxes, which may have been filed together. The tax return usually tells 90% of a divorcing party’s financial story in regards…

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Taxes and Divorce

By Russell Knight | May 4, 2019
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Divorce and taxes

Whenever money is being transferred there is a possibility of taxes.  Perhaps there is no bigger transfer than the transfer of assets and income during divorce.  Therefore, taxes and divorce must be considered together when negotiating and finalizing a dissolution…

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