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Tag Archives: Divorce

Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on June 27, 2023 by Lake Wylie Tax Services StaffJune 27, 2023

Divorced - Separated - Change of Marital Status and Tax ConsequencesTaxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real and need to be considered to avoid unpleasant surprises. The following are some of the major tax complications for each situation.

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Posted in Life Events | Tagged Change in Marital Status, Divorce, Marriage, Widowed

Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 31, 2023 by Lake Wylie Tax Services StaffJanuary 31, 2023

How Divorce Impacts your Tax ReturnIf you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes some very specific but complicated rules about who profits from the child-related tax benefits. At issue are a number of benefits, including the children’s dependency, child tax credit, child care credit, higher-education tuition credit, earned income tax credit, and, in some cases, even filing status.

This is actually one of the most complicated areas of tax law, and inexperienced tax preparers or taxpayers preparing their own returns can make serious mistakes, especially if the parents are not communicating well. If parents will cooperate with each other, they often can work out the best tax result overall, even though it may not be the best for them individually and compensate for it in other ways.

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Posted in Tax Central | Tagged Divorce, Tax Credit

Life Changing Events Can Impact Your Taxes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 23, 2022 by Lake Wylie Tax Services StaffAugust 23, 2022

Life Events can have an impact on taxesThroughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events:

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Posted in Tax Central | Tagged Divorce, Home and Mortgage, Marriage, Tax Planning
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