Tax Session is around the corner – Think over these Questions

 

                        The tax season is on the door and you need to get prepared in advance, particularly if you are divorced. There are concerns you must look after. The foremost important is, apparently, deciding who will pay the tax and how much portion you have to pay. There is alimony amount, and there is child support amount which should be taken into account. Ask a reputed US attorney, and ask him these questions:

Will the alimony deducted?

                        If you are paying the alimony or support amount to your spouse, it will be fully deducted from your taxable income. However, if you are getting the support amount, it will be considered as your income and will be taxable. Child support money is free from any kind of taxes. In case of family support, the taxable income will depend upon the way your orders are crafted.

Who gets to claim the kids?

                           In general scenario, the person who is entitled with the full custody of the kids get the claim and he or she is free to claim the dependency exemptions. Here, the amount paid for the kid’s support doesn’t count. But it doesn’t mean that the custodial parent gets all the financial benefits. The parent who provides more financial support to the children also gets the benefit in financial matters. This rule also changes from one state to another, thus it is suggested that you consult with your state’s US attorney to get the clear notion.

Should I file separately or jointly?

                      The only thing suggested here is filing in a way which is more profitable to you. Sometimes, filing separately seems better as you can save yourself from many expenses. And sometimes, the taxable income decreases when you file jointly. Even if you file separately, you can agree with your spouse to divide the tax amount. Your accountant or an US attorney can suggest you better on this matter.