Tax Consequences Of Life Changes Marriage Divorce And More

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There are many areas in life where being married or single doesn’t really matter. But then there are places where it could impact your income, tax payments, and more. With tax filing season around the corner, there are some things to think about as you prepare to file your taxes. Take a look at these things that could change with the changing of your life situations:


Know what marriage changes for you

Whether you’re filing your taxes with tax planning software or you have an accountant do it for you, you should look into ways in which marriage could be beneficial when it comes to paying your taxes. Take time to research how married couples can save money, especially if you’re in a stage of life where you’re wondering if married life is for you. It could be when it comes to your taxes.

You could get a marriage bonus and pay less than what you’d be paying as a single person. However, be careful when filing, as there are times when being in a higher tax bracket because of your joint income could result in you having to pay more money to the IRS. As a single, successful individual considering marriage, educate yourself on the best ways to save on taxes as a married person while also informing yourself on what’s to be expected in a divorce.


Divorce and taxes

So, as you can see, when filing your taxes as a married person, there are things to consider, such as whether you’ll file jointly or separately, and then if you should get divorced, there are things that will change for you as well. Keep in mind that if you’re still married on paper but separated in person, you’re still married in the eyes of the IRS. When it comes to your paycheck, don’t forget to adjust the amount that is taken from it, as you are now filing as a single.

Also remember that there are things like alimony or separate maintenance that may need to be taxed, so as you decide whether or not to divorce your spouse on paper or only in person, think about how your taxes could be impacted.


Divorced parents and taxes

Oh, the beauty of marriage and love, and the challenges that come with divorce, child support, and tax payments. It’s important to determine the legalities of your split finances and dependents after separating from your spouse, as they can greatly impact your finances and payments. In an amicable divorce, parents will typically be able to work together to determine who will report the dependent(s) while making sure that payments and savings are even out for everyone.

After all, your ex-spouse and co-parent of your children are still family, and if it’s a matter of providing for your family, it makes sense to do a joint return or at least find ways for everyone to be able to get savings from claiming dependents or child tax credits. Even if you divorce, you still want what’s best for everyone.


Consider lawyer support

If you’re unfortunately facing a separation from your spouse and tax season is around the corner, you may want to look into working with a lawyer to help you work through all the details pertaining to finances, children, and payments. A divorce or tax lawyer can help you find the best ways to save money while also coming to an agreement with your ex-spouse so that everyone can win in some way when it comes to taxes and payments.


In Conclusion

We marry for love, but it doesn’t hurt to take a look at how our finances and taxes can be impacted by decisions as big as marriage and divorce. From savings to be found to penalties for filing in a specific way as a married couple, there are things to learn when it comes to making the big leap of saying yes to love and yes to joint taxes. 

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