A divorce will surely impact your tax filing.\u00a0 The following points are based on my 14 years of experience as a NJ divorce attorney.\u00a0 You should consult with an accountant or qualified tax preparer to determine how to best prepare your returns.\u00a0 If you were divorced at any time in 2012 you will need to file individual returns.\u00a0 In doing so, make sure that if you have children they are claimed as dependents in accordance with your settlement agreement.\u00a0 Alimony is the most significant area of change.\u00a0 If you are receiving alimony you must declare it as income. There is a specific line item for declaring your alimony.\u00a0 You will need to include the social security number of the payor.\u00a0 This is critically important because the payor will certainly declare the support they are paying as\u00a0deduction.\u00a0 Cross-referencing the two social security numbers is an easy exercise for the IRS.<\/p>\n
Many people do not know that the legal fees associated with the alimony aspect of your case may be deductible.\u00a0 Again, please consult with a tax professional.\u00a0 This can result in a significant deduction even for the party receiving alimony.\u00a0 Contact your attorney to best determine how to quantify this potential deduction before it’s too late.<\/p>\n","protected":false},"excerpt":{"rendered":"
A divorce will surely impact your tax filing.\u00a0 The following points are based on my 14 years of experience as a NJ divorce attorney.\u00a0 You should consult with an accountant or qualified tax preparer to determine how to best prepare … Continue reading