Dividing up with your spouse brings with it unavoidable modification, and you may find yourself getting used to brand-new custody arrangements, brand-new budget constraints and even a new location to reside in the consequences of a divorce.
Your needs and requirements as far as submitting your taxes will also alter once you formally divided from your one-time partner, and acknowledging how your divorce will impact your taxes may help you avoid making unnecessary errors.
So, what is it you require to learn about filing 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 errors on your taxes draws the undesirable attention of the Internal Income Service, so the more precise and upfront you can be when filing, the much better. When filing taxes after divorce, take care to do the following:
Use the right filing status: Married couples enjoy specific tax benefits, but as soon as you divided from your former partner, you will no longer be able to take benefit of particular perks. You will need to file as a bachelor rather than someone who is wed and filing jointly or married and submitting independently, and your marital status as of Dec. 31 of the tax year you are referencing will be the status you should file under.
Make timely name modifications: If you took your partner’s name when you wed, however you plan to go back to your previous name, make sure to alert 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 difficulty, processing delays and other issues.