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While the filing of a joint income return would, in most instances, yield the most beneficial tax treatment either reducing the ultimate tax due the IRS and NYS and/or significantly increasing any refunds due for overpayment of income taxes throughout the year, the...
The term “separate property” is often times discussed in connection with litigation and settlement in divorce proceedings. Separate property is defined in the Domestic Relations Law as that property owned by a party prior to the parties marriage or acquired by a party...
It seems like many of us just filed our 2019 income tax returns and here we are discussing the filing of our 2020 tax returns in 2021. For sure the Covid pandemic brought delays and uncertainties with respect the timing of filing our personal and business income tax...
Upended by the pandemic, many business owners are grappling with what bills to pay and in which order. The strain of New York’s “pause” put a tourniquet on cash flow for many. But what about personal obligations such as child support and spousal maintenance? Business...