Tag Archives: divorce

After getting divorced, you may notice a change in your taxes, along with everything else you are altering in your life. Tax time may mean a new filing status, as well as different eligibility for certain tax credits. If you have always filed using the Head of Household tax status, you may not be eligible […]

Once a divorce is finalized, a determination must be made for who will claim any tax credits relating to children that the couple had. Only one parent will be eligible to claim all of the credits. That means that credits, such as the Earned Income Tax Credit and dependency exemptions cannot be split between both […]

Exemptions are a quick way to save money when you file your tax return. In addition to a personal exemption, taxpayers can take an exemption for each dependent they claim, known as the dependency exemption. There are a few requirements that parents must meet in order to claim an exemption for each dependent. The exemption […]

Alimony and the IRS

If you pay alimony as part of a divorce or separation agreement, you need to know how it will affect your taxes. In order for payments to be considered alimony, they must meet seven requirements: You can’t file a joint return with your former partner You pay via cash, check, or money order The payment […]