Dealing with taxes during a divorce in Missouri: However, for specific advice tailored to your situation, it’s recommended to consult with a tax professional or accountant.
- Filing Status:
- Your marital status as of December 31 of the tax year determines your filing status. If your divorce is finalized by the end of the year, you will likely file as single or head of household.
- Child Custody and Dependents:
- Determine who can claim the children as dependents. This is often outlined in the divorce agreement. Only one parent can claim a child as a dependent for tax purposes.
- Alimony and Child Support:
- Alimony payments may be deductible for the payer and taxable for the recipient if your divorce was entered prior to the law change. Child support, however, is neither deductible nor taxable.
- Division of Assets:
- Understand the tax implications of the division of assets. For example, the transfer of certain assets may have tax consequences.
- Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA):
- If applicable, consider how these accounts are divided or managed after the divorce.
- Communication with Your Ex-Spouse:
- It’s important to communicate with your ex-spouse to ensure that you both agree on how to handle tax-related matters.
- Tax Credits and Deductions:
- Be aware of available tax credits and deductions, such as the Child Tax Credit or the Earned Income Tax Credit.
- Legal Advice:
- Consult with a tax professional or accountant to get personalized advice based on your specific circumstances. Additionally, it may be helpful to consult with your divorce attorney to ensure that any agreements align with tax laws.
Keep in mind that tax laws can be complex and subject to change, so seeking professional advice is crucial to ensure compliance with current regulations.
At Raza Family Law Solutions, we practice family law effectively guiding clients through prenuptial and post nuptial agreements, dissolution of marriage, modifications of prior judgments, and resolving child custody disputes. We also help families take a different approach to divorce with mediation and collaborative work. Contact us for a consultation at (314) 314-5505.