Business Income In Ohio Child Support and Divorce
One of the more difficult tasks in calculating child support and spousal support for Ohio divorce and child custody is calculating and determining business income. Business income in Ohio child support and divorce is complex and filled with pitfalls. It can be frustrating to watch the opposing parent reduce his or her income significantly through business expenses. Does this mean that the opposing parent’s income can be reduced from $120,000 in gross receipts down to a net profit of $30,000, simply because he or she claimed $90,000 in business expenses? Not necessarily.
Proving Business Income In Ohio Child Support And Divorce
The person claiming the business expense has the burden of producing to the court sufficient evidence of actual expenses. Unless the evidence meets this standard, the person will not get credit for the business expense. While depreciation may qualify as an expense for the IRS, it cannot be used as an expense for child support calculation of income. This means the depreciation portion of the standard mileage rates cannot be used as a business expense. As you can see, issues involving business income in Ohio child support and divorce hearings is complex and requires experienced counsel to properly vet the issues.
Articles Related To Business Income In Ohio Child Support And Divorce
To read more, click on the following links to my other articles on child support, spousal support, divorce and dissolution: what does the IRS consider to be alimony, when does alimony end, when does child support end, Ohio alimony factors, minimum amount of child support in Ohio, minimum income for child support in Ohio, Ohio child support terms, everything you wanted to know about Ohio child support, choosing between divorce and dissolution in Ohio, filing tax returns during a divorce in Ohio, and getting creative with Ohio child support.
Hire An Attorney Experienced In Litigating Business Income In Ohio Child Support And Divorce
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