Tax Return Tuesday #2 - Schedule B

Happy tax return Tuesday. Today's must know tax return tip for family lawyers is on an oldie but a goodie, Schedule B.

Schedule B will report interest and dividends. Also, sometimes if you are lucky, Schedule B will identify specific account numbers or passthrough entities that you can add to your radar.

From an income determination perspective, it is worth noting that interest income from passthrough companies such as LLCs and S-corps do not necessarily reflect cash flow received, and rather reflect interest income received on behalf of the entity.

Make sure to always check Schedule B to make sure no marital accounts or sources of income slip through the cracks, check out the example below 👇