The adventures & musings of an Enrolled Agent representing clients in Tax Controversy cases at the Neighborhood Christian legal clinic - Low Income Taxpayer Clinic.

Indianapolis, Indiana

Tax Deduction for Alimony Payments? – Yes!

Tax Deduction for Alimony Payments? – Yes!

Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. (https://www.irs.gov/publications/p17/ch18.html) According to the IRS, alimony payments are taxable toRead more about Tax Deduction for Alimony Payments? – Yes![…]

Tax Records – What You Should Keep And For How Long

Tax Records – What You Should Keep And For How Long

Many taxpayers are confused about how long they should keep tax records. The term “tax records” refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will beRead more about Tax Records – What You Should Keep And For How Long[…]