Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions reveals there is an actual divorce season just like there is a wedding season and points out the difference between the two while giving an overview of some of the tax implications of when divorce is imminent.
Houston, TX – May 31, 2017 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “D.I.V.O.R.C.E. And T.A.X.E.S.” While it’s not exactly a country western song, it well could be as Mr. Fowler says that during a divorce there’s “no open bar to help you forget the financial pain.”
Fowler starts off saying, “Granted we are about to enter the traditional wedding season. June is typically the most popular month for weddings.” He then poses, “Did you ever wonder if there is a divorce season?” He continues adding, “I did. And I found out that just like there is a season for getting hitched there’s one for getting unhitched too.”
“As a tax attorney,” writes Fowler, “I have a lot to say about divorce because it can be a lot more expensive than that outrageously expensive fairytale wedding. And there’s no open bar to help you forget the financial pain!”
According to Fowler, “Some researchers say that January and very specifically the first Monday of the New Year is when the majority of people file for divorces. In fact some attorneys call it “Divorce Monday”!” He goes on to say, “There is another group of researchers that disagree. They have found that between 2001 and 2015 divorces peaked during the months of March and August.”
Fowler goes over some of the reasons for the specific timing, most of which include holidays and back-to-school decisions.
He then states, “If separation or divorce seems imminent, it would be wise to consult with a professional tax attorney before finalizing any agreements.” He elaborates, “Failure to consider the complex tax issues surrounding these major life choices can have a long-term financial impact. And, keep in mind that no matter when you file for divorce whether January, March, August or any other of the 12 months, your filing status will depend on whether your were still married on the last day of the preceding year.”
The entire article can be read at http://www.taxationsolutions.net/d-i-v-o-r-c-e-and-t-a-x-e-s/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.