Issues to Consider When Filing Taxes After a Virginia Divorce
Before deciding how to file your taxes after a Virginia divorce, carefully consider all of the resulting implications of each scenario. Work with your accountant, tax advisor and/or Virginia divorce attorney to figure out which filing status will work best for you. Consider these issues:
Tax Rate - How will your tax rate be affected by filing jointly? Separately? As Head of Household?
Deductions and Credits - Are there deductions or credits, such as child care costs that would be factored differently depending on the type of return.
Liability for Filing Jointly - The IRS considers a joint tax return to be agreed upon by both parties. If your ex handled most of the financial arrangements, consider the likelihood of misrepresentation on your taxes after a Virginia divorce. It may not be worth the risk.
Refund - If you choose to file jointly, consider what you will do with any refund. Make an agreement with your ex before you visit your tax preparer and get that agreement in writing. Talk to your Virginia divorce attorney about how best to handle this particular marital asset.
Deducting Legal Expenses When Filing Taxes After a Virginia Divorce
When you are filing taxes after a Virginia divorce, you probably will have questions about what legal expenses you can deduct and what you cannot. Generally, legal fees and advice are considered personal expenses and therefore are not deductible. However, fees that are paid, specifically, for advice about taxes after a Virginia divorce are deductible because they affect your income. The same logic holds true for legal advice increasing Virginia spousal support.
To claim the deductions for legal fees, ask your Virginia divorce attorney to prepare a document that outlines deductible and non-deductible advice. Deductible advice includes:
tax advice;
securing taxable support; and
obtaining assets.
Work closely with your attorney and accountant when dealing with taxes after a Virginia divorce. They will help you file correctly and maximize your return. Contacting a Virginia Divorce Attorney
The Virginia divorce attorney team at Hofheimer/Ferrebee is committed to fighting for your rights, assisting in child custody disputes, and ensuring that you receive everything you are entitled to and need to start your new life.
To order your free book-www.freedivorcebook.com information on seminars-www.monthlydivorceseminars.com info on collaborative divorce-www.virginiacollaborativelaw.com information-estate planning for young families-www.generationslawfirm.com information-family law and estate planning for the LGBT community-www.FamilyEqualityLawCenter.com
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