Child Custody Agreement and Taxes
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Child Custody Agreement and Taxes
A child custody agreement can have serious implications in your tax filing and your taxes overall. This dilemma ought to be addressed with your attorney or with your accountant while you are going right through the process of negotiating or litigating infant custody or a divorce settlement. Get further on enticement defense lawyer columbus ga by going to our rousing link. Waiting until after you have finished a child custody agreement to investigate the tax impact isn't adviseable.
State law on custody doesn't influence who gets the tax breaks. If your youngster custody agreement is entirely silent on this matter, the parent with primary residential or sole custody will have all of the tax benefits available through the children. That party will have the ability to maintain the kids as breaks, and so forth. Learn additional info on the affiliated encyclopedia by browsing to drunk driving lawyer columbus ga. This is often a substantial issue. There are parents who just assume that if they are spending a large number of dollars each year in support, they will manage to simply take the youngsters as deductions. Not so. Best Columbus Dui Attorney contains more concerning the reason for it. This can be very essential when you consider that every one child support payments aren't tax deductible to the payor and they are not taxable to the recipient parent.
Ergo, when negotiating your child cusody contract, you need to address the issue of how custody will be structured and the tax benefits will be recieved by who. That discussion should be a part of a general financial plan that encompasses a consideration of problems, including child support, child custody, property, alimony, and tax effect. To research additional info, consider glancing at: rape defense lawyer columbus ga.
The ability to claim head of household rather than married filing separate or even filing single might be extremely impor-tant for your overall tax system. You can state head of household if you have your young ones for more than 50% of that time period. Ergo, a head of family tax processing must be part of the entire negiating format in a divorce or separation situation. A child custody agreement that's silent on this problem is really not a well negotiated or written agreement.
Your youngster custody agreement may address this issue in several ways. If your son or daughter custody agreement provides for mutual shared custody, it should state that has the youngsters for 500-1000 of times. If you have two children, you may split that up so that each parent gets the probability of fiing for head of household. If you just have joint custody and one parent has residential custody, you can still give a head of family deduction to the other parent by wording the agreement in a way that allows for that processing.
You will find other tax benefits open to parents which have to be looked at when negotiating a child custody agreement. Many or nearly all of those tax benefits are variable based upon your earnings level ad whether or not it is possible to maintain the child or children as deductions. You'll discuss all of these benefits, if you're really thinking during your custody agreement. The target ought to be to maximize all available benefits for both parties, thereby giving an overall very helpful tax effect for your
child custody agreement..Scot Sikes Attorney at Law
1320 Wynnton Road, Suite A
Columbus, GA 31904
706-494-6900
