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Tax Tips that Could Save You in Divorce

When you are going through a divorce, you are probably very caught up in the emotions and heartbreak that come with this decision. In fact, you may completely forget about the more technical aspects of your separation, including how it will affect your taxes. You need a helpful attorney from Cutter & Lax on your side to help you with these details in order to avoid losing exorbitant amounts of money. According to Divorce Source it is a wise idea to get an estimate of what your tax bill will be when you are filing for a divorce. It’s important to keep in mind that if you file jointly with your spouse, this will save you a lot of money in taxes. Spouses that file for divorce separately will need to pay a lot more in taxes.

When you are filing for a divorce, attorneys encourage you to talk with your ex-spouse about filing income taxes. Even feuding spouses will find that it is a benefit for them to gather all tax information early on and contact an IRS representative for prior tax return copies. As you divide your fortune, you will also need to negotiate through dividing these taxes up. An attorney can also help you to determine how you should file for your taxes when the season comes up.

Will you still be legally married at that time? You can files as legally married even if you and your spouse now live apart if you are legally married up until December 31 of the taxable year. You can file as the Head of the Household if you lived apart before July 1 of the taxable and you have a dependent. You are only permitted to file single if you are unmarried legally on the last day of the year. Contact an attorney at Cutter & Lax today if you want even more information about divorce and taxes and want to save the optimal amount of money during this difficult time.

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