This is a case-by-case decision. It is certainly an issue to consider if you are contemplating divorce or already in the midst of a divorce. It is true that a joint return will usually produce a lower tax than if the two spouses filed separately. However, there is a downside to filing a joint return…

Three common tax issues arise with children and divorce: 1. Dependent child exemption. As a general rule, the custodial parent is entitled to claim the dependency exemption. The custodial parent is defined by the IRS as the parent whom the child lived with for the greater number of nights during the year. Note – joint…

There are many issues to sort out in a divorce. When spouses disagree it is usually over children, support and money. In the process, spouses may overlook the importance of addressing common tax issues. The tax dependency exemption for qualified children is worthy of a separate blog. Here are the other top four: 1. Filing…

I came across an article in Time, which highlighted five important tax points for individuals who are divorcing or have divorced. A quick summary: 1. One’s filing status ( i.e. married or single) is dictated by your marital status on December 31 regardless of the date you were divorced or married during the calendar year….

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