Divorce And Taxes: 3 Things You Should Know

Divorce And Taxes: 3 Things You Should Know

If your romantic partnership has recently ended, and you are unaware of how this will impact your taxes, then you should know the following:

Understand Your Filing Status

Your marital status determines how you will file your taxes. If you are legally divorced by midnight on December 31st, you will file separately from your former spouse (for the next tax year). However, if you split legally any time after that, you must file them together for that year.

Review Who Will Claim The Children As Dependents

It is important to review your divorce decree to see who will claim the children as dependents. This greatly affects your taxes. If you and your former spouse have joint custody, the person who has the children more during the tax year gets to claim them.

Claim Head Of Household If You Have A Child

You may take a higher standard deduction if you are legally single by the end of the year by claiming Head of Household. You may claim as such if you have a dependent and you provide more than half of their support.

While divorce may not be as inevitable as your taxes, it is important to keep yourself informed throughout the process and file your taxes correctly.

 

Whether you owe money to the IRS or you have a State tax debt, our staff of Enrolled Agents and Tax Professionals can help you! We have over 50 years of experience negotiating with the IRS in all 50 States.

Call The Tax Defense Group today!

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