Dividing up with your partner brings with it inevitable modification, and you may find yourself adjusting to new custody arrangements, brand-new budget constraints and even a new location to reside in the aftermath of a divorce.
Your requirements and requirements as far as filing your taxes will also change as soon as you officially divided from your one-time partner, and acknowledging how your divorce will affect your taxes might help you avoid making unneeded errors.
So, what is it you require to understand about filing your taxes after a divorce?
Anytime you make a mistake on your taxes, you set yourself up for processing delays. You may, too, find that making mistakes on your taxes draws the unwanted attention of the Irs, so the more precise and in advance you can be when filing, the better. So, when filing taxes after divorce, take care to do the following:
Use the appropriate filing status: Married couples reap specific tax benefits, however when you divided from your previous partner, you will no longer have the ability to take benefit of certain perks. You will need to file as a single individual as opposed to someone who is wed and filing jointly or wed and filing independently, and your marital status as of Dec. 31 of the tax year you are referencing will be the status you must submit under.
Make timely name modifications: If you took your partner’s name when you wed, however you plan to go back to your former name, make sure to inform the U.S. Social Security Administration. The name you file your taxes under need to match the name the administration has for you, or it can cause hardship, processing delays and other problems.