Timing your divorce can save you taxes.
I know this sounds cold, but not every divorce is embittered. Some people actually do it serially to get tax benefits.
The formula is the exact opposite of when you get married. If both spouses earn about the same amount of money, getting a divorce before the year ends will save taxes by eliminating the marriage penalty. If one spouse earns a lot more than the other, waiting until January will save taxes by taking advantage of the marriage bonus for one last year.
There are many other planning opportunities with a divorce.
If you want the best in tax advice please see my blog at
LarryLaveTaxman@blogspot.com or email me
LarryLaveTaxman@gmail.com
If you want the best in tax advice please see my blog at
LarryLaveTaxman@blogspot.com or email me
LarryLaveTaxman@gmail.com
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