Dividing up with your spouse brings with it inescapable change, and you might find yourself adapting to new custody plans, brand-new spending plan constraints and even a new location to live in the after-effects of a divorce.
Your needs and requirements as far as filing your taxes will likewise alter once you officially divided from your one-time partner, and acknowledging how your divorce will impact your taxes might assist you avoid making unneeded errors.
So, what is it you require to learn about submitting your taxes after a divorce?
Anytime you make an error on your taxes, you set yourself up for processing delays. You may, too, find that making errors on your taxes draws the undesirable attention of the Irs, so the more accurate and upfront you can be when filing, the better. When filing taxes after divorce, take care to do the following:
Use the correct filing status: Married couples reap specific tax advantages, but once you divided from your previous partner, you will no longer be able to take advantage of particular advantages. You will require to submit as a bachelor as opposed to someone who is wed and filing jointly or wed and submitting 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 go back to your previous name, make sure to notify the U.S. Social Security Administration. The name you file your taxes under should match the name the administration has for you, or it can result in challenge, processing hold-ups and other problems.