How do I show a retirement from a business, or sale of a business?
Go to the “more info” screen for the business. You will see a question about whether the business owner will retire or the business will be sold. the question is worded this way so it can cover both retirement and sale. This is where you enter a sale or retirement date. If the business has […]
Why are state taxes different for itemized deductions than for “actual” state taxes?
This is due to the software’s resolving of a bit of circular logic. Federal taxable income depends on the state tax, because state tax is an itemized deduction. But in some states, state tax depends on federal taxable income. So the computation is circular. Here’s how the software resolves this: For the calculation of the […]
I am going to be called as an expert witness. Is the software accepted in my court?
Family Law Software is the #1 selling financial software for divorce nationwide. It is used by more attorneys to calculate child support and prepare financial forms than any other software. It is also used by virtually every actively-practicing financial planner specializing in divorce nationwide. It is the only software endorsed by the non-profit Association of […]
How can I create different scenarios in the software?
You can use any of three approaches, depending on the nature of the differences among the scenarios. The paragraphs below discuss each of these three approaches. 1. Key Decision Factors. Are you interested in comparing different scenarios for the following key decision factors: child support, spousal support, key expense items, tax exemptions, filing status, or […]
How can I implement a spousal support lump sum payment in Family Law Software?
You can follow these steps to implement the alimony present value (lump sum) in a software scenario. 1. Save As. Save the file under a new name for this scenario. (In File Manager, click the 3-dots menu for the file and select the option to make a copy.) 2. Find the lump sum (present value) […]
How do I enter itemized deductions?
There is no separate grouping for Itemized Deductions. They are simply entered among the Living Expenses. When you enter property taxes, charitable contributions, etc., the software knows they are itemized deductions and treats them accordingly.
How should I enter vehicle (car, truck) expenses in the software?
There are a number of ways to enter vehicles into the software, depending on the situation. Asset side: Personal Items. Most people will want to enter the current market value of the car, or an average value, as a Personal Item on the screen where you enter assets and debts. Payment side: On the payment […]
How can I change the description or label of an expense item?
1. On the screen where you enter expenses, click the party’s name at the top of the screen. This will show the expense of just that party. 2. Scroll down to the item you want to rename, and click “more info.” 3. You will see the label, with an option to overwrite it. Note that […]
How can I change the order (sequence) in which assets are listed?
You can change the sequence in which assets and debts are listed. If there is more than one item in an asset group, then, next to the name of the group, you will see a button, as illustrated below: Click that button, and a dialog box will pop up that allows you to change the […]
How do I enter a business buyout note?
Here are the steps to take to enter a business buyout, where assets or income of the business itself are being used to buy out a party: 1. On the “more info” screen for the business, scroll down to the section on business buy-out. There are two yes/no questions. The first question asks if there […]