It’s Tax Time: Income Tax Issues for the Recently Divorced
February 19th, 2021 by mjp-admin
The year after being divorced is a period of “firsts”, where you adjust to your new life and relearn how to do things that you may have taken for granted. Many of our clients worry as April 15th approaches and they realize that they have questions on how to file their annual income tax return. Any of the best divorce lawyers or best divorce mediators can help you avoid the pitfalls of filing your first tax return after being divorced. First, it is important to realize that you may be entitled to file one more return as a married couple and enjoy the tax benefits of marriage one last time if your divorce was signed by the Judge before December 31st. We also often recommend that our clients revisit their W-4 with their employers and discuss whether they should make changes to their withholdings, especially when there are children involved… both parents cannot claim the same child on separate tax returns. Finally, it is important to remember that maintenance and child support can have a significant impact on your income tax return. Since 2019, the payor of child support can no longer claim a deduction for their support payments. The best way to manage these worries and to keep them from growing into a legal problem is to consult with a top divorce lawyer or divorce mediator as soon as possible.