Tax Time

Tax Time

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In general, the Internal Revenue Code allows a deduction (within limits) for reasonable and necessary expenses incurred in the production of taxable income. This may entitle a client to a deduction of some of the attorney’s fees paid to our firm for the pursuit of post-separation, support, alimony, taxable pension or annuity payments, and tax advice.

Consult your tax advisor or tax preparation professional for assistance in determining your entitlement to this deduction. You may use your monthly statements as proof of moneys expended in pursuit of alimony or pension division. Also, as a service to our clients, we provide an annual summary of such charges upon the client’s request, and this may be sent to the tax preparer as to any possible deduction. Let us know if you’d like to obtain a 2014 summary. There is no charge for this.

You may also want to look at IRS Publication 504, “Divorced or Separated Individuals” for use in preparing your 2014 returns. This helpful publication is available at the website for the IRS, which is www.irs.gov.

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