While we won't have to deal with this until tax time, bf would like to gain some information on what are acceptable deductions in regards to family law. He is in the process of completing a 3 week training course and will be working with an insurance company. He will be commission based and during income tax time will be allowed to deduct business expenses.
I have seen on here a few self employed people or those who are battling self employed individuals and when it comes to deductions there are often issues with what is deducted because this changes Line 150.
Anyone know of what deductions are allowed and what deductions are added back?
With this new job, his child support payments are going to increase dramatically. Which is perfectly okay, as we know his ex is having a hard time making ends meet (mostly due to her buying a brand new car, and her insurance sky rocketing after being in her 4th crash in two years-but those are her issues). We have tried to help where we can and for the past few months have been providing her with more than the regular CS... we have bought all new summer clothes for the kids, paid for all the day camps during the summer and next week we will be taking the children to buy their school supplies.
We do not expect reimbursement for any of these fees as the children were in need and we made sure they had what they needed. However, he would like to know what to expect at tax time and hopefully avoid lawyers. He fears she will become greedy and want more than she is entitled to.
Thanks in advance!
I have seen on here a few self employed people or those who are battling self employed individuals and when it comes to deductions there are often issues with what is deducted because this changes Line 150.
Anyone know of what deductions are allowed and what deductions are added back?
With this new job, his child support payments are going to increase dramatically. Which is perfectly okay, as we know his ex is having a hard time making ends meet (mostly due to her buying a brand new car, and her insurance sky rocketing after being in her 4th crash in two years-but those are her issues). We have tried to help where we can and for the past few months have been providing her with more than the regular CS... we have bought all new summer clothes for the kids, paid for all the day camps during the summer and next week we will be taking the children to buy their school supplies.
We do not expect reimbursement for any of these fees as the children were in need and we made sure they had what they needed. However, he would like to know what to expect at tax time and hopefully avoid lawyers. He fears she will become greedy and want more than she is entitled to.
Thanks in advance!
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