Tag: Tax deduction

Tax exemptions, tax deductions and Michigan divorce

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Tax exemptions, tax deductions and Michigan divorce:  The most comprehensive publication on tax considerations applicable to Michigan divorced or separated individuals is published by the Department of the Treasury – Internal Revenue Service Publication 504 for use in preparing tax returns.  A link to the publication can be found at:  http://www.irs.gov/pub/irs-pdf/p504.pdf This IRS publication addresses[…]

Michigan divorce law update: Alimony and tax considerations.

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Alimony, taxes and divorce in Michigan:  Addressing potential tax issues in your negotiations can avoid problems in the future. For example, many lawyers believe that alimony payments are always tax-deductible to the person paying and taxable as income to the recipient.  This is not the case.  In order to qualify for the taxable or tax-deductible[…]

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