Divorce Tax Filing
Would you like some help in dealing with tax filing through your divorce? Regardless of whatever circumstances life throws at you, we understand that your finances still need to remain in order. And our Divorce Tax Filing experts are absolutely here to help you do that.
If you are going through a divorce, taxes may be the last thing on your mind. You may have the worry about your finances in the back of your mind but are too focused on your more immediately present issues, which is why we have devoted Divorce Tax Filing experts with incredibly helpful tips. The tips we have for you include the following important information: which filing status to choose after the divorce, who can claim the exemptions for the kids, and also how payments to an ex-spouse are treated for tax purposes. Allow our Divorce Tax Filing experts to keep you up to date with all of the information you need.
Tax Filing Process for Divorces
Couples who have already split up, but are not yet divorced before the end of the year have the option of filing a joint tax return. However, the alternative is to file as married and filing separately. When your divorce decree becomes final, this is the year when you will lose the joint return option. In other words, your marital status as of December 31 of each year will control your filing status for that entire year. If your circumstances make it to where you can not file a joint return for the year, because you are getting divorced by the end of the year, then you can file as the head of household, also getting the benefit of a bigger standard deduction along with gentler tax brackets. This option stands only in the case where you had a dependent living with you for more than half of the year, and also you paid for more than half of the upkeep for your home.
Tax Filing Help for Divorced Couples With Children
Whether you are either currently going through a divorce or planning to do so, it is crucial to know that you can continue to claim your child as a dependent on your tax return as long as he or she lived with you for a longer period of time of the year than with your ex-spouse. In this case, you’re called the custodial parent. However, in the case where this should be necessary, it is also possible for the non-custodial parent to claim the exemption for a dependent child if the custodial parent signs a waiver pledging that he or she won’t claim it. As for whoever continues paying the child’s medical bills after the divorce, you can include those costs in your medical expense deduction even if your ex-spouse has custody of the child and claims the dependency exemption. Make sure to let our Divorce Tax Filing experts know the details of your situation, in order to better equip us to help you.
Especially if you are going through a divorce or planning on doing so in the near future, it is critical to make sure your children are going to be taken care of. For whatever reason your divorce is happening, you and your children absolutely deserve to be covered. Call our Divorce Tax Filing expert team at 305-387-5880 today.