Divorce and Tax Returns
The moment that you are divorced, you will notice that your tax return will chance. There are so many things that you should be aware of when you are divorced and need to file your taxes. You can’t afford to make any mistakes on your tax return, and if you are divorced you need to know some facts. Here is what you need to know before you file your returns when you are divorced.
Normally, when you are filing your tax return, you can claim the children. But, who is able to claim the children when you are divorced. You don’t want to do this incorrect.
The parent who has the custody of the children, or who has the children more than half of the year can claim the kids in their tax forms. You want to be able to claim the children if you have custody of the children, because you can get some tax refund for children under the age of eighteen years. You must make sure that the other parent doesn’t also claim the children.continue reading..
Your filing status
Your status when you are filing your taxes can be really become difficult when you are filing tax return for the first time after your divorce. The only thing that you really need to know that if you are divorced and the divorce is final, then you are single. No matter how long you are divorced and if you were married most of the tax year.
You should put in your tax return that you are single, no matter how long you are actually divorced. This is very important to know, before you are filing your taxes.
Child support and Alimony
Another aspect of filing your taxes and being divorced is that you should know who can claim the child support and alimony from the tax return and who can’t.
No one can claim child support from your tax. No matter if you are paying or receiving the child support. But, Alimony is taxable by the recipient. If you don’t know what to do when you are divorced and filing your taxes, you can always ask a professional like taxreturn247.com.au for more assistance.
The division of your assets
When you are filing your tax returns the first year after divorce, you will need to make sure that you and your ex-spouse know all about the filing of the division of all your assets. You need to make sure that you are on the same page about these divisions.see it from:http://www.morningjournal.com/business/20150902/paul-pahoresky-divorce-has-impact-on-your-income-taxes-too
If you and your ex-spouse can’t decide what to do, you should maybe get someone neutral to help you in filing both of you and your ex-spouses tax returns for the first year. After the first year, you won’t have any problems with your division of your assets when it comes to filing tax returns.
Filing your taxes just after a divorce can be a lot tougher than you think. Especially, if you were not the person who has filed taxes. It is really recommended that you ask for professional help if you are really unsure of how you should file your tax returns when you are divorced.