One of the more complex issues to deal with during the divorce process is how to handle taxes. A divorce attorney in Lowell may be able to provide you with advice regarding your particular tax situation.
Reporting of Taxes During Divorce
If the spouses wish to take advantage of the tax benefits of filing jointly, the spouses probably have to cooperate to work on a joint return. Spouses who use the status of Married Filing Separately usually have a higher tax rate than joint filers.
For spouses who are self-employed or who want to anticipate the amount of their potential tax bill, quarterly reporting is an important issue. Thinking it through during the divorce can help prevent an unwelcome surprise with a hefty tax bill from occurring after the divorce.
In some cases that a divorce attorney in Lowell handles, spouses may wind up owing taxes at tax time. In other cases, the spouses may have failed to file tax returns for previous years. Contingent tax liability can arise in these situations. A divorce attorney in Lowell might be able to help create a contingency plan in a divorce agreement. He or she may account for the best of situations or the worst of situations. However, if a situation arises in which one spouse filed a fraudulent return, the injured spouse may be able to receive some protection by contacting a Lowell divorce lawyer at the Law Office of Bruce A. Gage at 978-384-1078 or 877-829-0831