Divorce and taxes: interconnectivity issues worth noting

It’s an annual imprint on the American psyche, with scores of millions of Americans each year turning to recurrent and materially important subject matter just around this time.

We’re talking taxes, which some people happily anticipate filing, given their expectations of a return from Uncle Sam, with others, well ….

Either way, income tax filing is a signature event each year in Georgia and across the country, and something that is — for obvious reasons — approached with all due probity and seriousness by most people.

We discuss the subject on our website at the Atlanta-based Siemon Law Firm in an article addressing divorce and tax considerations. As we note therein, “After dealing with the stress of separating, the last thing anyone needs is an inquiry from the IRS.”

Recurrent filers know that the entries on their returns are directly linked to singular circumstances in their lives. Have a child, add a dependent. Lose a job, qualify potentially for select tax credits.

Get divorced and, well, pay extremely close attention to your return. In fact, many divorcing spouses might reasonably want to discuss tax-related ramifications with an experienced family law attorney and proven tax professional.

A divorce commands close interplay with taxes in a number of ways. For starters, the date of a divorce decree determines whether a filer is considered single or married for tax purposes (quick answer: if divorced prior to December 31, then your filing status is single).

Does your divorce involve child support and/or spousal maintenance (alimony) concerns? If so, you’ll want some professional feedback on what is considered deductible by the IRS. Knowledgeable guidance might also be needed concerning which divorced party can claim various child exemptions and credits, as well as regarding who can claim head-of-household status and why that can be important.

Tax season is upon us. Divorcing or recently divorced persons with any questions or concerns regarding their marital status and resulting tax considerations are well advised to seek professional guidance.

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