3 Simple Tax Effects of Divorce and Separation

3 Simple Tax Effects of Divorce and Separation By Stephen J. Ganns{3:00 minutes to read} We all know one of the most significant, life changing events many people go through is separation or divorce. At that time, income taxes may not be your number one priority, but here are some quick tips to remember as you navigate these waters.

Child Support

If you are paying child support, it is not deductible on your tax return. People often get confused by this, but if you think it through, it’s pretty simple. When a married couple buys clothing or school supplies for their children, they cannot deduct those purchases, so just because you give those funds to an ex-spouse doesn’t make them deductible. Continue reading