Tax Effects of Divorce or Separation

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: Child Support.  Child support payments are not deductible and if you received child support, it is not taxable. Alimony Paid.  You can deduct alimony paid to or [...]

New Factors Increase Importance of Withholding Check-Up

The IRS is warning against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the nation prepare [...]

Tax Relief to Louisiana Storm Victims

Louisiana storm victims will have until Jan. 17, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in East Baton Rouge, Livingston, St. Helena and Tangipahoa parishes [...]