Home > Tag Archives: tax tips for separated parents

Tag Archives: tax tips for separated parents

Tax Tips For Separated Parents

filing taxes as a single parent

Entering into a marriage comes with many romantic notions, but is also comes with practical ideas as well, such as the combining of finances and assets. The same practical language applies to those experiencing a separation. In addition to the emotions and other feelings that often pop up, there are other “to-do” items, such a tax filing, which must be considered and taken care of in a matter-of-fact way. If you are unsure about your tax filing status, here are some tips that separated parents must consider when filing. Tax Tip #1: While the IRS doesn’t offer deductions for divorce-related court costs and legal fees, it does allow deductions for portions of fees that relate to tax advice and alimony. This is significant because it can cover the services and counsel provided for all categories of taxes including property, estate, and income taxes that may come into play during a separation. Tax Tip #2: Filing status is one of the most common questions that separated parents face. It’s best to know this: if you were not separated by the end of the year, on or before December 31st, the IRS will consider you married for the entire tax year. That ...

Read More »