Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Are you a business owner that needs help with cash flow planning? controllership? forensic accounting?

Or perhaps an individual that needs assistance with your tax planning and preparation, or resolution of an IRS tax problem you have incurred?

Future Planning

Stay Current on Available Accounting Services

Each year brings about changes in the world of accounting.

It is easy to fall behind with your tax planning and preparation, which may end up causing you tax problems with the IRS. Without resolution of an IRS tax problem, you can end up having to pay tax penalties in addition to the original amount you owed.
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Thinking about getting a divorce?

Would you and your spouse be able to work through the process together?

Do you know the valuable role a Neutral Forensic Accountant can have in a collaborative divorce?

divorce petition

Unfortunately, many divorces are not collaborative.

When preparing for a divorce, the stress can be overwhelming.

Financial friction between a couple when dividing assets and debts can end up in a long, drawn-out legal battle.

This is a situation where working with a “Neutral Forensic Accountant” can make a significant difference.

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Thinking about getting a divorce?

Interested in making the proper preparations to protect yourself financially?

Do you want what is in the best interest financially for your family too?

divorce petition
You know divorce is a life-changing event, and you have heard It affects over 50% of couples in the U.S. But understanding all the aspects of a divorce is more overwhelming than you thought.

Without the proper planning, it can be devastating emotionally, mentally, and especially financially. With proper planning, it is possible to move forward and get through it.

If you are working towards a non-contested, respectful and collaborative divorce and need guidance to make that happen, consider these tips from experiences I have had. However, if you are working with a contested divorce, brace yourself, there is no way to “plan” for that.

Although, having everything in order is the first step either way.

Consider reviewing the following checklist as a helpful guideline.
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Did you know that divorce affects over 50% of couples in the United States?

Considering Divorce

Going through a divorce is a life changing. Even when the divorce is non-contested and a collaborative divorce, you need to make sure you’ve made all the proper preparations. It is the best way to protect yourself and your family.

Are you considering divorce? Are you ready to start the process? The financial aspects of divorce can create a tough road ahead. Understanding the process is a must. Working with my clients through the divorce process has allowed me to put together some tips that may help you.

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Divorce is a life changing event that can be financially devastating!

Planning for Divorce

Did you know that over 50% of couples living in the United States are affected by a divorce? Planning for divorce can help make the process go smoother. It allows you…

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Tax Carry-forwards

This is the twelfth installment of “Divorce. What You Need to Think About from a Financial Perspective“, which can be downloaded for FREE from makara-assoc.com.

Tax carry-forwards are another area to consider before or after the marital settlement is finalized. Depending on the size of these carry-forward(s) and the relationship with your ex-spouse, it may make sense to complete this negotiation prior to signing the martial settlement.

Some of the carry-forwards are governed by IRC regulations. These include:

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#9: Tax Preparation Timing During and After Divorce

Posted by Mark On September 20th

Timing Divorce

This is the ninth installment of “Divorce. What You Need to Think About from a Financial Perspective”which can be downloaded for FREE from makara-assoc.com.

When preparing for tax filing during or after a divorce, the two dates I consider to be the most important are the date divorce petition was filed and December 31 of each year.

Pending divorces can often go on for more than one filing year.

Filing Date

In most states the filing date, by either party, is when you become financially separated. However, this is not true for every asset. Retirement plans are usually marked by the date of distribution and appreciating or depreciation assets (i.e. principle residence). This can be valued once an agreement is reached.

December 31st

December 31st is the last day of the tax year. It is the determining factor in a couple’s filing status. If you are legally married on December 31, you have two options when it comes to filing tax returns.

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#8: Divorce and Tax Preparation

Posted by Mark On August 29th

Financial Documents

This is the eighth installment of “Divorce. What You Need to Think About from a Financial Perspective”which can be downloaded for FREE from makara-assoc.com.

Many issues arise when it comes to going through the divorce process. One of the most difficult financial issues in the initial stages is the impact your divorce will have on capital gains and income taxes.

When filing taxes, you must consider issues such as:

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debt man

This is the seventh installment of “Divorce. What You Need to Think About from a Financial Perspective”, which can be downloaded for FREE from makara-assoc.com.

A spouse can be held liable in a divorce for the other spouse’s debts — and it doesn’t necessarily matter whose name the debt is in. When it comes to divorce, there are two forms of debt that courts primarily consider: Living expenses & community property.

Living expenses include the cost of things like mortgage or rent, groceries, utilities, your cable or cell phone, and other, similar expenses. Community property is basically, everything else.

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#6: Valuing Assets in a Divorce

Posted by Mark On July 19th

piggy bank

This is the sixth installment of “Divorce. What You Need to Think About from a Financial Perspective”, which can be downloaded for FREE from makara-assoc.com.

After the discovery phase, the hard work of valuing the assets will begin.

One of the first things to consider is pre-marital assets. If these exist, identify them and move forward. If you are the spouse that didn’t own those asset(s) going into the marriage, you should know that fighting over them is time consuming and expensive. If the item is truly a pre-martial asset, you will most likely lose the fight, and only end up incurring additional legal fees.

Some of the assets that are easy to value include:

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