If you have gone through a divorce in the past year, you may be wondering how this will change your tax status. Filing taxes can be a confusing process for anybody, and the divorce process is just one of many complications. However, with a better understanding of how the tax process works, you may find a way to minimize your tax burden.
How you can file your taxes at the end of the year is based on several variables:
Whether you're filing as married or single, there are plenty of factors to keep in mind regarding your tax filing. Thankfully, figuring out how you'll be filing may be a big step toward figuring it out.
One thing you may need to keep in mind regarding your tax filing is the distinction between alimony and child support payments. Child support is not considered a tax-deductible expense or taxable income. Alimony, however, is considered deductible. In some cases, divorcing spouses may try to declare a property settlement or child support as alimony payments. The IRS regulates this strictly, and has several rules regarding what is considered alimony.
Tax preparation can be confusing, and especially so if you're figuring out how your divorce will fit into the equation. Luckily, a divorce attorney may be able to better explain the options available to you. Call 877-349-1310 or complete the following form to get in touch with a divorce lawyer near you.
Laws may have changed since our last update. This is for informational purposes and is not legal or financial advice. Speak to a local divorce attorney for legal advice about your particular situation.