“Income is income from whatever source.” That is the age-old, IRS’ definition of taxable income under the tax code. Essentially, incomes from all sources are taxable, unless specifically exempted by the law. Whether you earn it through a salary, hourly…
Individuals must consider the tax consequences of obligations related to child support in divorce proceedings. The fact that child support payments are not deductible and the receipt of child support is not taxable sometimes creates spousal bitterness and discord in…
Individuals in the middle of, or just beyond a divorce rarely consider the tax ramifications of the agreements that they make as a party to the divorce proceedings. It’s only later that they become aware of the tax consequences of…