Donald Graf and Associates - Taxes in Divorce & Bankruptcy

Taxes in Divorce & Bankruptcy

Are you considering filing for Divorce or Bankruptcy? A Divorce or Bankruptcy can complicate your tax situation, which is the last thing you need at this difficult time.

The Tax Consultants at Donald Graf and Associates can provide you with the expert tax advice you need. Before you file, meet with one of our experienced Tax Consultants for expert advice on your individual situation.

TAXES IN DIVORCE & BANKRUPTCY

Filing for Divorce or Bankruptcy?

Either situation can drastically complicate your tax situation, which is an added stress at this already very difficult time.

We at Donald Graf & Associates can provide you with expert tax advice before filing for divorce or bankruptcy. Meet with one of our experienced Tax Consultants for sound advice on your individual situation.

Filing for Divorce?

A divorce will trigger several tax implications you need to be aware of:

Alimony or spousal support is both deductible by the payer and taxable to the recipient.
Child support is not deductible by the payer and is not taxed to the recipient.
It can affect your IRA and employer-provided retirement plans.
Your filing status will change after the divorce.

You are responsible for the consequences and need to take an active role beforehand on how your divorce decree is written.

Filing for Bankruptcy?

A bankruptcy triggers variable tax issues and future tax returns can be very complicated. Deciphering the difference between income and debts forgiven and which amount to report on what form can be horrendous. A simple mistake can have severe consequences for many years to come.
But with the assistance of the Tax Consultants at DG & A you can put your mind at ease and focus on other important issues in your life.

Filing Bankruptcy against the IRS?

Yes, you can file bankruptcy against the IRS. However, not all tax debts are eliminated by this process. Your IRS tax debts are noted on your credit report for 10 years.

If you qualify to file bankruptcy, you may qualify for an ‘Offer in Compromise’ instead and possibly keep the issue off your credit report.

Talk to our Tax Consultants at DG & A about all of your options.

Call for your free consultation today.

Our Firm Specializes in:

Taxes in Divorce & Bankruptcy