Month: March 2021

How Does Divorce Affect Your Tax Filing?

Written by Paul Belfiore on March 26, 2021. Posted in Taxes.

Hudson, NH Divorcee Seeks a Better Understanding

The IRS does not consider a separation when it comes to filing your taxes. Only if a legal divorce decree occurs during the calendar year will it affect your taxes. If the divorce is finalized by December 31^st, the IRS will consider you divorced for the entire calendar year for tax purposes. The biggest change is that you can no longer file your taxes jointly, but must file as single or head of household. Any children can only be deducted on the taxes of one parent, which is often the custodial parent.

Single vs. Head of Household

Written by Paul Belfiore on March 12, 2021. Posted in Blog, Taxes.

Amherst, NH Resident Has Questions

Unmarried individuals have the option of either single or head of household as their tax status. When filing as head of household, you have a much higher standard deduction than single filers, as well as a better overall tax rate. To qualify as head of household you must be unmarried, pay greater than half the costs of supporting a household and have at least one dependent that lives with you.