Dividing up with your spouse brings with it unavoidable change, and you might discover yourself adapting to new custody arrangements, brand-new budget plan restrictions and even a brand-new location to live in the consequences of a divorce.
Your needs and requirements as far as filing your taxes will likewise change when you officially split from your one-time partner, and acknowledging how your divorce will impact your taxes might help you prevent making unnecessary errors.
So, what is it you need to learn about submitting your taxes after a divorce?
Anytime you make an error on your taxes, you set yourself up for processing hold-ups. You may, too, discover that making mistakes on your taxes draws the unwanted attention of the Internal Profits Service, so the more accurate and upfront you can be when filing, the much better. So, when filing taxes after divorce, take care to do the following:
Use the proper filing status: Married couples gain certain tax benefits, once you split from your former partner, you will no longer be able to take advantage of specific benefits. You will need to submit as a bachelor instead of somebody who is wed and filing jointly or wed and filing individually, 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 married, however you plan to revert to your previous name, make certain to inform the U.S. Social Security Administration. The name you submit your taxes under should match the name the administration has for you, or it can lead to hardship, processing hold-ups and other issues.