Income Taxes

As April 15 fast approaches most of us turn our thoughts to income taxes.  If you’re going through a divorce, it’s important to keep a few basic rules in mind. Alimony is deductible by the spouse who pays it and includable as income by the spouse who receives it.  That means that the spouse who pays alimony, whether temporary or upon finalization of the divorce, can take a dollar for dollar deduction on his income tax return for all alimony paid during the tax year.  Conversely, the recipient must [...]