Attorney Shon Cook is a very valued sponsor of all of our work as well as an advocate for people who might feel a little intimated by needing legal help. It's a very complicated system and the average person can feel overwhelmed if and when they need a hand.
This week, as we work our way in to 2022, Shon is sharing some insight which might just be timely and wise since a lot of people start thinking about taxes after the New Year begins. Shon is talking about the amount of child support this week that is paid by small business owners or self employed who have some overhead to deal with that they can use to their advantage in depreciation for their income against what their taxes are. There are two very distinct ways this can be calculated by someone filing taxes and they directly effect the amount of child support that will be paid depending on how the depreciation is set up over time. If it's a shot term set up vs. a long term set up, the court will view it differently and the amount of support ordered will directly reflect that.
To be more than honest, this is one best allowed for Shon to explain as there are some difficult parts and terms here, but in the conversation, she boils it down to something very easily understood by just about anyone. Now, this is not to say that in an instance like this, you might need the help of a qualified CPA or tax person. Of course too, in the legal world and child support cases, they are all unique so a qualified attorney should be in your bag of tricks to have on hand too. But take a listen, this is great advice and a very good understanding of income and depreciation when it comes to the web of info needed for child support.