What you need to know about filing taxes this year if you're getting divorced, according to an estate planning attorney
Courtesy of David T. DuFault
- David T. DuFault is an estate planning, tax, and business attorney at Sodoma Law in Charlotte, NC.
- Tax season is upon us, and there may be extra complications for couples that are divorcing or separating.
- Recent changes to tax law have altered how alimony and dependents are handled for divorced and divorcing couples.
- Even if you don't think you need to file, it's worth looking into whether it may be beneficial for you.
- Visit Business Insider's homepage for more stories.
The start of each new year brings a series of new beginnings. Resolutions to exercise more, eat less, and become the person we all know we can be - at least through the first few weeks of January.
While much of this keeps us occupied personally, as we move into March tax forms such as W-2s and 1099s start to fill our mailboxes. For some, the opening of "tax season" brings joy - the happy anticipation of filing tax returns, confident of refunds.
For many others, the arrival of the dreaded "tax documents" conjures feelings of nervousness, concern, or just plain fear.
For a couple amid a divorce or separation, tax season may require additional thought and planning, especially in light of recent tax law changes that have had a profound impact on how separated and divorced couples face their tax obligations.