Many couples go through divorce sit down with their lawyer they plan on how to dissolve their marriage. They talk about who is going to keep the house, the car, the pets, the money, and even who is going to have custody of the children. However, nobody plans for taxes. How are they going to handle this year’s tax with the divorce and what happens in subsequent years? What does it mean when one parent gives dependency exemption to the other parent but still lives with the child? What about day care, medical, and college expenses. Couples going through divorces need to know how these decisions in filing your return affect the each individual’s returns, refunds, and liabilities.
An awful amount of time is dedicated by me helping divorced couples through these types of dilemmas. However, the parents usually come to me when they have already filed their returns. Both parents file the same status, usually head of household. TWO YEARS LATER, They get a letter from the IRS looking for burden of Proof of whom is entitled to this refund.
Even in a foreseen amicable divorce, the relationship might turn into a war between the parents and the children are caught in the middle of this turmoil.
The chance of being audited is low – only 1% of all returns are audited, according to 2009 IRS data. Yet some things on a tax return do increase your audit risk. Here are some red flags to watch out for:
-Home business that loses money year after year. The IRS may view this as a hobby, not a legitimate business.
-Home office deductions. If you claim a high percentage of your living space as a home office the IRS may be suspicious.
-A high level of itemized deductions. Claiming $40,000 in deductions on an income of $60,000 will probably draw IRS attention.
Casualty losses out of synch with income. You can’t claim a casualty loss that’s less than 10 percent of your adjusted gross income net any insurance payments received.
Muchas parejas pasan por el divorcio sentandose frente al abogado y planean como disolver el matrimonio. Quein se quedara con la casa, el auto , las mascotas el dinero en el banco. Hasta quien vivira con los ninos. Pero muy pocas parejas piensan en como van a hacer los impuestos el ano que se divorcian y anos despues. Que status van a reclamar, si le van a dar los ninos como dependiente al otro padre y que significa eso.