The Tax Man Cometh
It’s that time of the year again. April 15th will be here before we know it. If you are in the middle of a divorce or have recently separated or divorced, there are certain tax consequences that may apply to you. Thankfully, the Internal Revenue Service has a publication tailor made for these situations. It’s Publication 504 and can be found on the IRS’ website, www.irs.gov.
This IRS publication gives helpful tips. For instance, did you know that under your divorce decree if you pay your former spouse’s medical and dental expenses, you may be able to deduct them as alimony on your income tax return? It also lists general rules about providing your spouse’s social security number and tax deductions for separated parents.
If you are interested in learning more, check it out at http://www.irs.gov/pub/irs-pdf/p504.pdf. You may save yourself some money and a visit from the tax man.