Messer & Messer Law Offices

Toll-Free 866-789-9936

Florida 772-204-0904

Tax season is here. Are you prepared?

As the calendar barrels ahead toward mid-April and tax day, people who haven't yet filed their forms with the IRS may be starting to think about doing so -- or at least, they ought to. Time has a way of sneaking up on us, particularly when we have an unpleasant task ahead of us, such as slogging through receipts, W-2 forms and other documentation we need to complete our tax return.

Even when there aren't any major changes in your life, tax laws change from year to year and so you have to be careful to make sure you are observing the proper amounts for credits, deductions and other calculations. When there is something that happens in your life that has an impact on your finances, such as a divorce, it becomes all the more important.

In particular, people who went through a divorce in 2015 in Florida may need to think about how child support and alimony payments will be accounted for. For child support, the calculation is easy because, in essence, there is no calculation. Child support payments are not reported to the IRS either by the parent making them or the parent receiving them because there is no tax impact.

For alimony, however, there are tax implications. The spouse who pays alimony gets to deduct that amount, while the spouse who receives it must report it as income. Depending on how much it is, this could even push someone into a higher tax bracket and affect the amount of money that might be coming back in a refund.

No Comments

Leave a comment
Comment Information