Child Custody Agreement and Taxes
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Child Custody Agreement and Taxes
A child custody agreement may have significant implications in your tax filing and your taxes over all. While you are going right through the procedure of negotiating or litigating infant custody or a divorce agreement this dilemma must be addressed with your lawyer or with your accountant. Waiting until after you have selected a kid custody agreement to investigate the tax impact isn't adviseable.
State law on child custody doesn't influence who gets the tax breaks. If your youngster custody agreement is entirely silent on this matter, the parent with major residential or sole custody will have every one of the tax benefits available through the youngsters. That party will have the ability to declare the kids as deductions, and therefore forth. This can be a substantial problem. There are parents who simply assume that when they're spending tens of thousands of dollars per year in service, they'll manage to simply take the children as deductions. Get further about cosmetic surgery lawyer columbus ga by going to our pushing article. To study additional information, consider checking out: indecent exposure defense lawyer columbus ga. Not too. This is extremely crucial when you consider that child support payments are not tax deductible to the payor and they're not taxable to the parent.
Ergo, when discussing your child cusody deal, you have to address the problem of how custody will be structured and who will receive the tax benefits. This negotiation must be a part of a standard economic scheme that has a consideration of most dilemmas, including child service, child custody, home, alimony, and tax impact.
The ability to claim head of household in the place of married filing split up or even filing individual can be incredibly important for your overall tax program. If you have your young ones for more than 50% of that time period you can state head of household. In case you choose to be taught supplementary resources about best car accident lawyer columbus ga, we know about many databases people should pursue. Hence, a head of family tax filing must be a part of the entire negiating format in a divorce or separation situation. A young child custody agreement that is silent on this problem is actually not a well negotiated or written agreement.
Your son or daughter custody agreement may address this problem in several ways. If your child custody agreement provides for mutual shared custody, it should state who has the kids for 50-years of the time. If you have two children, you can split that up so that each parent has the possibility of fiing for head of household. Click here truck wreck lawyer columbus ga to discover why to provide for it. If you only have joint custody and one parent has residential custody, you can still provide a head of family discount to another parent by wording the settlement in a way that allows for that processing.
You will find other tax benefits available to parents which have to be looked at when discussing a kid custody agreement. Many or the majority of those tax benefits are varied based upon your income level ad whether or not you can maintain the kid or children as deductions. You will discuss all of these benefits, if you are actually thinking through your custody agreement. The target must be to maximize all available benefits for both parties, thus providing a general highly helpful tax impact for your
child custody agreement..Scot Sikes Attorney at Law
1320 Wynnton Road, Suite A
Columbus, GA 31904
706-494-6900
