Divorce Information Related to Taxes

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2022 has just started but people are already starting to discuss tax season. If you have recently gone through a divorce, you might be wondering how your taxes will be affected this year. You can always do as much research as you can before tax season starts. Doing your research early on can help you feel more at ease later on. If you are not sure where to start, you can begin by taking a look at the helpful information David A. King, P.C. shares.

To read the full article, you may visit how divorce affects your taxes.

Divorce Affects Your Taxes

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It is once again that time of year, tax season has begun. You might be feeling stressed thinking about filling out your taxes. Those stressful feeling can become even more complicated if you have recently undergone a divorce. The Law Office of David A. King, P.C. breaks down how a divorce can affect your taxes.

When people are married, they file their taxes under a joint status; however, that obviously changes when people go through a divorce. Before you file your taxes, you should consider what status you will use for filing your taxes.

If you are unsure what status to put, think about the day your divorce was finalized. If your divorce was finalized before December 31 2020, you can file under a single or head of household status. Yet, if your divorce was finalized sometime after the last day of December, you should probably still fill under a joint status. You can always reach out to a professional for their help over the matter as well.

For more information, you may visit how divorce affects your taxes.

Reasons to Hire a Tax Attorney for a Divorce

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What are some problems that come to mind when you think of a divorce? If you are going through a divorce, you should consider hiring a tax attorney to help you with any tax related issues you may come across. The Law Office of David A. King P.C. explains how tax attorneys can help you secure a fair settlement.

First of all, have you considered how you will file your taxes after your divorce? You will no longer be allowed to file a joint tax form. You will have to fill out an individual tax form. By switching tax forms, you will most likely lose benefits and be charged additional costs.

Other than yearly taxes, you would also have to deal with the division of your marital property. There are two ways you can divide property, liquid assets and non-liquid assets. Liquid assets can be turned into cash easily. On the other hand, non-liquid assets can take several months or years to be converted into cash. Non-liquid assets usually have a tax fee once they are transferred, and you will have to deal with those expenses. To receive help with tax related issues, it is important to get a tax attorney on your side.

To read the entire blog, you may visit Why You Need a Tax Attorney When Going Through a Divorce.