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Tax Matters: Hire A Competent Certified Public Accountant

| Nov 19, 2018 | Uncategorized |

When you are considering separation or divorce, you need to find specialized professionals. One professional you may consider hiring a competent Certified Public Accountant (CPA). Your divorce lawyer will refer to a CPA. If you and your spouse have already being employing an accountant to prepare your taxes, don’t use him or her for advice during the separation and divorce. Find an accountant independent of your spouse and with no prior ties to your spouse or his or her family.

The accountant will be able to advise you on the tax implications of various issues that arise during separation and divorce. These issue can include: sale of real estate; transfer of real estate from one party to the other; mortgage interest and property tax deductions; capital gains and losses relating to your real estate; investment real estate; capital gains and losses of other assets; tax implications of retirement accounts; tax consequences and penalties with retirement distributions; differences between taxation of different types of retirement accounts (such as traditional Individual Retirement Accounts vs. Roth Individual Retirement Accounts); taxation on annuities; dependency and child tax credits, changes in your tax rates; impact of filing as a single payer vs. married filing jointly vs. married filing separately vs. head of household; calculation of taxes; how to divide tax refunds and allocate tax debts; potential liability for your spouses’ incorrect or dishonest tax filings; tax deductions; tax implications of asset distribution and debt allocation.