Monday, June 15, 2015

Tax Tips for Divorcing Couples

Don’t complete your final settlement until you understand the potential future tax consequences.

Regardless of what your settlement agreement states, the IRS regulations dictate what is taxable, what is deductible and how much tax you will have to pay.

In this excellent blog posting Jerry Cohen answers questions about some of the most common tax related issues that should be addressed:

  • Should I file as Married Filing Jointly, Married Filing Separately, Single or Head of Household?
  • Am I eligible to claim an exemption for my child/children as dependents?
  • Who is responsible for the tax liability related to a tax return filed jointly?
  • Do I Pay Tax On Spousal Support (Alimony) and Child Support?

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