If you are recently separated or divorced, taxes may be the last thing on your mind; however, these events can have a big impact on your wallet at tax time. Alimony, or a name or address change, are just a few items you may need to consider. Here are a few key tax tips to keep in mind:
1. Child Support. Child support payments are not deductible and if you received child support, it is not taxable.
2. Alimony Paid. You can deduct alimony paid to or for a spouse or former spouse under a divorce or separation decree, regardless of whether you itemize deductions. Voluntary payments made outside a divorce or separation decree are not deductible. You must enter your spouse's Social Security Number or Individual Taxpayer Identification Number on your Form 1040 when you file.
3. Alimony Received. If you get alimony from your spouse or former spouse, it is taxable in the year you get it. Alimony is not subject to tax withholding so you may need to increase the tax you pay during the year to avoid a penalty. To do this, you can make estimated tax payments or increase the amount of tax withheld from your wages.
4. Spousal IRA. If you get a final decree of divorce or separate maintenance by the end of your tax year, you can't deduct contributions you make to your former spouse's traditional IRA. You may be able to deduct contributions you make to your own traditional IRA.
5. Name Changes. If you change your name after your divorce, be sure to notify the Social Security Administration. File Form SS-5, Application for a Social Security Card. You can get the form on the Social Security Administration's website (SSA.gov) or call 800-772-1213 to order it. The name on your tax return must match SSA records. A name mismatch can cause problems in the processing of your return and may delay your refund.
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Some Recent Tax Settlements :
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250
Owe the IRS and need help? Call us to discuss your unique situation (800)790-8574
Some Recent Tax Settlements :
Mr. Dillard - CA Owed $6884, IRS settled for $400
Mr. Batiste - LA Owed $18513, IRS settled for $2972
Mr. Johnson - CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez - TX Owed $28,816, IRS settled for $1700
Mr. Anthony - NY Owed $14,000, IRS settled for $900
Mr. Wilkes - CA Owed 32,211, IRS settled for $1250
Owe the IRS and need help? Call us to discuss your unique situation (800)790-8574
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com
ADVANCE TAX RELIEF LLC
www.advancetaxrelief.com
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Have tax problems? Call (800)790-8574
www.advancetaxrelief.com
BBB Accredited Business – As Seen on TV!
Have tax problems? Call (800)790-8574
TESTIMONIAL:
“My husband lost his job and the IRS was garnishing my wages. I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful” – Shirley W, Tampa FL
“My husband lost his job and the IRS was garnishing my wages. I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful” – Shirley W, Tampa FL
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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.
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