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TomKat divorce, taxes; Stormy tax holiday

The July Fourth holiday was sandwiched last week at my other tax blog by some tax fireworks.

Bankrate Taxes Blog icon Mother Nature produces her own pyrotechnics via severe weather. Alabama found that out firsthand last spring when it was hit by deadly tornadoes. So this year, Alabama officials decided to hold a Severe Weather Preparedness Sales Tax Holiday.

And divorces are famous for the flames thrown by soon-to-be ex spouses. When it comes to celebrity breakups, it often is even more fiery. That's why all eyes are on TomKat, aka Tom Cruise and Katie Holmes.

From a tax geek standpoint -- yeah, that's why I tune in to TMZ, for the tax-relates stories; that's my story and I'm sticking to it -- we get to watch whether Holmes' divorce filing in New York will pose major tax troubles for Cruise.

You can check out my posts over at Bankrate Taxes Blog each Tuesday and Thursday. If you happen to miss them on those days, you can find a wrap-up here the following weekend.

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