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Tax filing timing

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  • 1. Tax Filing and Divorce Timing are CRUCIALFiling StatusYour marital status for tax filing is set as of the last day To file as Head of Household, you must meet the following of the year. It depends on your marital status and your requirements: family status as of December 31. If you are divorced as · You were unmarried or considered unmarried on of December 31, you must file as single taxpayers for December 31.that year, even if you and your spouse lived together as a · You paid more than half the cost of keeping up a home married couple more than half the year. for the year. · A child or other qualifying person lived with you in If you are still married as of December 31, here’s how it the home for more than half the year for whom you or works: the other parent is entitled to claim the tax exemption.· If you and your spouse lived in the same household and were not legally separated, you must file as You are considered unmarried if you were legally separated married (either a joint return or separate returns). on December 31 or if your spouse did not live in your home for the last six months of the year. · You may be able to file as Head of Household even if you were legally married on December 31 (see below).www.DivorceShield.com 1
  • 2. What this means is if there are taxes due or additional taxes, interest, or penalties assessed at a later date, the IRS can go after either spouse for the balance due, regardless of which spouse is responsible. Because trust is often at a low ebb as divorcing couples are preparing their final joint return, the less financially savvy spouse may decide to hire an independent tax professional to review the return and its supporting documents before he or she signs it. These Tax considerations for divorce are not meant to be a complete list. If these considerations, together with all of the other considerations mentioned in this article, seem a bit overwhelming, the good news is that you do not have to handle these changes alone. There are Divorce Shield Advocates, such as Tax Professionals in your local area, who are trained to help guide you through As a general rule, the best tax rates are Married Filing Joint For most couples, this crucial process. followed by Head of Household. For most couples, the the Married Filing Tax Professionals, part Married Filing Separate status has the highest tax rates. Separate status has of the Divorce Shield Advocate Network, are the highest tax rates.Timing of the Divorce happy to assist you with Because the marital status of the parties for purposes of expert insight on all of your tax questions and preparation their tax return is set as of the last day of the fiscal year, needs. These elite individuals are dedicated to serving a couple contemplating divorce near the end of the year you during this difficult time of divorce. With Divorce should consider whether they would be better off making Shield, your access to professionals is unlike anything their divorce effective before the end of the year - allowing else available in the United States. With help from your them to file as single taxpayers, or making their divorce network of advocates, the advice you receive can be effective after the end of the year - allowing them to file a invaluable. To give you peace of mind, they can help you joint return. with all of your Tax needs, and help you meet your goals no matter what the future holds. By working with Divorce One caution about filing jointly. Both spouses need Shield’s network of advocates and completing your FREE to understand that signing a joint return with his or her Divorce Shield Plan, you can have the Clarity, Control, and spouse exposes him or her to liability, even if he or she has Confidence to make wise decisions that will benefit you no knowledge of all the calculations included in the return. for years to come.About the author of this article: Melanie Ptacek is the President of Ptacek & Cromwell P.C. and is licensed CPA in Oregon.Melanie can be reached at Ptacek@PtacekCromwell.com. 1-888-70-SHIELD www.DivorceShield.com Info@DivorceShield.com2 www.DivorceShield.com

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