Divorce Asset Allocation
Unfortunately, most people going through the process of divorce rarely consult with their tax accountant before signing a legally binding contract of divorce, which has a significant impact on future personal finances and taxation. A cold, hard reality of divorce is that it primarily has to do with “asset allocation” between two persons. The terms of divorce can be negotiated, but most people leave it to the attorneys to decide their financial fate. In addition to professional legal council needed for guidance through the divorce, assistance from an experienced tax professional can be invaluable. Providing pertinent financial and tax data to our client and their attorney can help effect a satisfactory settlement.
It is our professional responsibility to advise our clients on the tax implications of various financial decisions and protect them from a “million-dollar mistake.” We at Albin and Associates Accounting believe it is essential that clients be fully informed and that they understand the tax and financial consequences of the negotiated terms of divorce.
Individual taxpayers often need professional tax return preparation and sometimes, representation before the Internal Revenue Service regarding a previously filed tax return. Albin and Associates is here to help.
Residing abroad? If you’re a U.S. taxpayer residing overseas, you are still required to file and pay U.S. taxes on all of your worldwide income. If you are searching for a professional to review personal financial decisions with you to help identify alternatives and weigh the tax consequence of each choice, contact us at Albin and Associates.
Business taxpayers can require bookkeeping services and/or compiled financial statement preparation, or assistance in preparing quarterly employers payroll tax reports. Albin and Associates can help with these and the computation of the payroll tax liability. Is your business faced with a difficult decision that will have a material impact on its profitability? We can help sort through the quagmire and bring focus to the important aspects of the decision. Our professional analysis of the problem will make the decision an easier one after the important components are identified and examined. Consult with us; you won’t have to make these decisions alone.