Know What to Change Before Filing
Tax season is upon us, and while the filing deadline may not be for another few weeks, it’s important to make preparations and fill out everything you have correctly. If you recently got divorced before the beginning of the year, there are additional considerations you will want to pay attention to when filing your tax return.
Changed Filing Status
When you get divorced, one of the most obvious changes to your income tax returns you will need to make is to update your filing status. Since you are no longer married, filing taxes under “married filing jointly” or “married filing separately” will not be an option. You will have to file under a different status, likely “single.”
While this might seem inconsequential at first, you may not be aware of the other changes that can occur when you update your filing status. If you look at the tax brackets for each year, you may notice that the income amounts for each tax bracket for those filing “married filing jointly” is almost double those of people filing “single.” This could mean that you may receive a smaller refund or even end up owing money.
When planning ahead, be sure to consult with your local tax professional to determine how to proceed.
You will also want to look into updating your withholding status on file with your employer after a divorce. When you have additional withholdings on file, this means that your employer will take more money out of your paycheck than those with fewer withholding allowances noted. In addition, those who take the single withholding have more withheld from their paychecks than those who take the married withholding.
After a divorce, you will want to consult with your local tax professional to determine what changes you may need to make to your withholding status.
Consult with the Professionals
When you are unsure of how you should proceed, be sure to speak with those who understand the law and have helped others move forward. At Levi Divorce & Family Law Attorneys, our team can help you understand all aspects of life after divorce and can help you gain realistic expectations of what the future may look like.
To learn more about divorce or to speak with an attorney, call us at (718) 215-0121 or visit us online. The information in this blog has been shared for informational purposes only and should not be relied upon as tax advice. Levi Divorce & Family Law Attorneys do not provide tax advice. Before moving forward in any tax preparation, you should be sure to consult with your local tax professional.