New Port Richey Child Tax Credit Lawyer
Understanding Tax and Divorce Issues
When you are going through a divorce, there are many things to consider, including how your decisions will affect taxes. It is important to consult with a lawyer who can explain divorce tax issues and who considers these issues when developing divorce plans.
Tamara K. Holden, P.A., Family Law Offices, assists clients in understanding the tax consequences of getting a divorce. As our client, this firm will carefully review your situation and explain divorce tax issues that may affect you. In complex asset cases, the firm often consults with tax attorneys and other tax professionals to help offer an honest assessment of your situation. With the help of an attorney, you can then make informed decisions about how best to move forward with the divorce settlement.
What Are Some Divorce Tax Matters?
Some of the divorce tax issues to consider include:
- Divorce settlements are not taxable.
- Spousal support (alimony) is a tax deduction for the payer, but is treated as income for the payee and can be taxed as such.
- If you take out money from your former spouses' 401k or other retirement assets before you are eligible, there may be a tax penalty.
- Keeping your house or other property may make you responsible for taxes that you cannot afford on a single income.
- The parent with primary custody usually gets the child tax credit.
Some of these tax issues you must simply accept, while you can challenge others. For example, if you are paying child support, it may be in your best interest to fight for the child tax credit. Contrarily, if the children are with you the majority of time, then fighting for the tax credit will help you support your children. Tamara K. Holden, P.A. handles each case with care, helping to make sure you pursue the option that leads to the most favorable outcome.
Contact a Clearwater Divorce Tax Attorney
Do you want more information on the divorce tax issues? Let the Tamara K. Holden, P.A., Family Law Offices help. Contact this firm today at the offices in Largo or Tampa, Florida.
