Fresno deputy Chief of Police Keith Foster has hit a rough patch in his life and claims he is on the brink of bankruptcy. Foster, who is currently under administrative leave, faces federal drug-conspiracy charges. He has been charged with possession and intent to distribute controlled substances such as oxycodone, heroin, and marijuana. Foster and five others have been named as defendants in the federal lawsuit.
The Deputy Chief just does not seem to be able to catch a break. He is also in the middle of messy divorce proceedings. This is his third divorce involving six children. Despite his shaky finances, Foster pays $5,100 every month in child support and spousal support. Reportedly, finances did not seem to be the issue in his first two divorces but they certainly were the talking point in his third divorce, which clearly suggests he has made some wrong personal choices in life.
Deputy Chief of Police goes from riches to rags
The Deputy Chief of Police has gone from riches to rags, claims his divorce attorney. Foster who was used to an upscale materialistic lifestyle is now finding it hard to cope with his current financial condition. The Deputy Chief, supposedly, had a penchant for diamonds and fur. The man drove a Mercedes and had a Corvette for back up.
Foster has had to sacrifice his liking for the finer things in life because he can no longer afford it. He has had to take extreme measures to be able to support himself and his children. Allegedly, he traded in hundreds of vacation hours at work for money. Likewise, he has also sold his beloved cars and now drives an old used car. To add to his woes, Foster also owes the IRS approximately $38,000 in back taxes.
Well, Americans are taxed too much so that is not saying much there.
Pointers for the newly single taxpayers
Divorces can get messy. Emotions are running high, children are at stake, you stand to lose maybe half of your assets and your spouse is out to get you. It truly is a thin line between love and hate. Anybody that has recently been through a divorce may still be sore from their separation. It is a hard time even for the toughest of people. It is going to take time, patience and closure to completely heal and get back to pure happiness.
To make things worse, tax season can really take its toll on someone who is already emotionally and financially unstable. For those of you facing such a situation, here are some pointers from an expert divorce attorney that may prove to be invaluable for the newly single taxpayer.
Tax advice for divorcees
To begin with, it is important to understand that you have options of filing tax returns jointly, separately, or married filing separately. Essentially, it means that if your divorce has been finalized already you will have to file separately but in case the divorce isn’t legally settled yet then you can file as “married filing separately” which will result in a lower overall deduction but you can claim deductions on alimony and child support.
Secondly, keep in mind that alimony received is subject to taxation and alimony payments are subject to deduction. However, child support payments are neither taxed nor eligible for deductions. Only the custodial parent can claim the child as a dependent.
Finally, you are eligible to receive deductions from attorney fees provided that the attorney was working with you on tax related matters like alimony. An outstanding attorney that can guide you through this process can be found at USAttorneys.com as well.