Planning for Divorce to Save Income Taxes

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#divorce #taxes

 

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This presentation will include, among other things:
– Determining the filing status that is most appropriate for the different time periods-single, head of household, etc
– Alimony vs child support-reviewing how the deduction by the Payer and income to the Payee can be set up for both parties” benefit.
– Capital losses the year of the final joint tax return filed-a review as to whose assets were sold that created the loss, as well as other factors, could result in significant savings.
– Splitting the assets needs to be reviewed , such as retirement assets having a tax factor, as the money will eventually be distributed at retirement and tax will be due at that time

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About Barry Newman:

Barry is a Principal of Traust Sollus and the head of Traust Sollus Certified Public Accountants, LLC, the company’s tax and accounting division. He is a Certified Public Accountant and has more than 35 years of experience in providing tax and accounting services for individuals and private businesses of all sizes.

Barry’s tax and accounting work with clients includes tax planning and preparation, attest function services, including compilations, reviews and audits, accounting and bookkeeping services as well as other accounting services.

Barry is a member of the American Institute of Certified Public Accountants (AICPA) and the New York Society of Certified Public Accountants (NYSCPA).

Prior to joining Traust Sollus, Barry was a partner at Lehman Newman Flynn Vollaro CPAs, P.C., a mid-sized accounting firm in New York City. Earlier in his career, Barry was a sole practitioner and a partner in two other CPA firms before forming Lehman Newman Flynn Vollaro.

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