Taxes and Divorce

Taxes and DivorceAs April 17, 2018 inches ever closer, you may find yourself directing your attention towards your taxes.  If you have divorced recently, you may have new tax questions this year.  At Eric C. Cheshire, P.A., we understand how the first tax filing after divorce can feel overwhelming.  Here’s a starting point for tackling this year’s taxes.

Know Your Filing Status

The Internal Revenue Service (IRS) has a bright line rule about marital status.  If you were divorced before midnight on December 31 of 2017, you will file separately.  Of course, if you are the custodial parent, you may qualify for head of household status.  However, even if you were married for 363 days in 2017, your completed divorce at the end of December takes you out of the “married” filing status. read more

Taxes and Divorce

Save money with an attorney

Taxes and divorce might have been the last thing you were thinking about at the time.

Save money with an attorney

But if you’re now separated or newly divorced, it could be worth your while to get some good financial advice before the April 15th tax deadline.

Here are important tax tips for those who are divorced, or are divorcing:

What Is My Filing Status: Divorced or Married?

By law your filing status is determined as of the last day of the calendar year. You are considered unmarried for the whole year if, on the last day of the tax year, you are unmarried or legally separated from your spouse as determined by a divorce or separate maintenance decree. read more