With April 15 fast approaching, those who have gone through a Tennessee divorce will likely experience a somewhat different tax filing process this year, and the IRS does not provide a “recently divorced exemption.” A Gannett Company Atlanta affiliate posted an article this month offering tax tips for newly divorced couples, the following is a synopsis of their advice.
Filing Status
Determining your filing status is the most logical starting point. Though you may think it’s clear, the reality is that under some circumstances, you may have a choice of how to file. If your divorce was finalized before the end of the previous year (by December 31, 2014), then you have to file separately. If not, you may have some other options. You can choose to file married filing separately or a standard joint tax return. There can be advantages and disadvantages of both, so consult your CPA and weigh your options carefully.
Alimony and Child Support
First, child support is not viewed as taxable income. This means the person paying the child support does not get to deduct it from his or her taxes and the person receiving it does not have to report the money as income. However, alimony is usually a different story. Unless the order setting forth the alimony amount specifically says otherwise, the person paying alimony is able to deduct this from his or her overall taxable income, while the recipient will need to report the money to the IRS and be prepared to pay the appropriate taxes on it.
Child Tax Credit
It is important to understand that only one person has the right to a child tax credit. Typically, the person who gets the credit is the primary custodian, though this is not always the case, as parents can craft agreements amongst themselves that give the benefit of the credit to the other parent.
Mortgage Interest Deduction
Another valuable tax credit is the mortgage interest deduction. Generally, if one spouse receives the home and is required to make the mortgage payments on it, that spouse will be allowed to solely claim the deduction. However, certain other situations could result in each spouse claiming a share of it, and this can vary from case to case, depending on the specific facts of each case.
It would be in your best interest to contact an experienced divorce lawyer as well a certified public accontant if you have been recently divorced and have questions about filing your taxes. Attorney Donna Wagner can assist you with your family law needs, contact her office for a consultation.
Real-life results
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I know for certain that If I am needing an attorney again in the future, I will be using Donna Wagner. There are so many great things to say about Donna. However, I believe what I appreciated most was how Donna handles special situations, and I assure you, my circumstances were just that! Donna was very thorough during my entire case. She was able to address my unique case but also do so with legal basis even though the courts may not always allow for such situations. Donna was very thorough each step of the way and was certain to not leave any stone un-turned. One thing I really liked about Donna was her fire. When situations arose, she can be more than passionate about her job and serving justice to those who deserve it. I also want Donna’s clients to know that she was very timely with me in her communications with me. Whether by email or phone, she was always just a call or a message away. When being in a legal situation, I know from previous experience, being able to reach your attorney means everything. I am more than pleased with the results that I recieved from Donna Wagner, and I assure you my case turned out better than I had imagined and even for a fair price. Donna Wagner rocks!
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