Since tax time is approaching, we wanted you to be aware of some possible deductions for you to take on your tax returns. In general, the Internal Revenue Code allows a deduction (within limits) for reasonable and necessary expenses incurred in the production of taxable income. This may entitle a client to a deduction of some of the attorney's fees paid to lawyers for the pursuit to postseparation support, alimony, and/or taxable pension of annuity payments.
Consult your tax advisor or tax preparation professional for assistance in determining y our entitlement to this deduction. You may use billing statements from your attorney as proof of moneys expended in pursuit of alimony or pension division. You may also want to look at IRS Publication 504, "Divorced or Separated Individuals" for u se in preparing your 2014 returns. This publication is available at the IRS website, www.irs.gov.