Going through a divorce can be a traumatic experience. If you are like most people, the last thing on your mind is how your taxes are going to look when tax season rolls around. Usually, it will be something that comes seemingly out of nowhere. Knowing how to file your taxes after getting divorced is just one more change in a sea of life changes that you will have to face head on. Mark Dicus & Company is here to talk about how to file your taxes after experiencing a life change like a divorce.
What is the Best Way to File Taxes when Going Through a Divorce?
There are several things that are going to change in your personal life after you are divorced. However, not only your personal life will be affected. You are also going to have to look at your taxes differently. Here are some of the factors that could make your taxes look quite different after you have gone through a divorce:
– Tax Filing Status: The first thing that is going to make a look different is your filing status. You need to determine how you are going to file. You can move forward and file as married if your divorce hasn’t been finalized yet. It is going to depend on the status of your divorce as the year comes to an end. If the divorce has been finalized, you will be filing as single or head of household.
– Alimony & Child Support: Another factor that needs to be considered is the status of any alimony or child support your might be receiving. These two things are going to have different tax implications for you. For instance, alimony can be deducted or reported as income for you. Child support isn’t like that. When it comes to child support, it doesn’t factor into your taxable income at all.
– Dividing Assets & Debts: You will more than likely be dividing up your assets as well as your debts when you get divorces. When this is done, you need to make sure you’re also factoring in any capitol gains taxes as well.
– Dependents: If you have children, you both won’t be able to claim them as dependents on your taxes. Usually, the person with custody of the child or children gets to claim them as dependents on their taxes. However, if you are splitting custody, there is usually a schedule for who gets to claim them and on what years as both of you can’t at the same time.
– Personal Information: Make sure you update your personal information with the IRS after going through a divorce.
Tax Preparation, Filing & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you need help getting your taxes filed as a divorcee, you can turn to Mark Dicus & Company to answer any questions you might have about the process. We will help you embark on this part of your new life as a single person. Call us today!