Tax Tips for Separated or Divorced Individuals

Brian SingletonBlog, Watch Your Wallet

If you are recently separated or divorced, taxes may be the last thing on your mind; however, these events can have a big impact on your wallet at tax time. Alimony, or a name or address change, are just a few items you may need to consider. Here are a few key tax tips to keep in mind: 1. Child Support. Child support payments are not deductible and if you received child support, it is not taxable. 2. Alimony Paid. … Read More

Tax Tips for Divorced or Separated Individuals

Brian SingletonBlog, Watch Your Wallet

Income tax may be the last thing on your mind after a divorce or separation, but these events can have an impact on your taxes. Alimony and a name change are just two of the items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated. Child Support. If you pay child support, you can’t deduct it on your tax return. If you receive child support, the amount you … Read More