Divorce is a delicate situation, but when children are in the picture, divorce becomes much more complicated. Child support is an intricate system, but it becomes even more confusing when tax season rolls around. If you have access to all the facts and information you can make the best decisions for you and your children. This is why MyDivorcePapers.com has launched a video series about the different aspects of divorce on our YouTube channel.
The most recent addition to our divorce video series is “Child Support and Taxes.” Most people may think that child support laws and regulations are similar to alimony laws and regulations, but this is not true. Child support, unlike alimony, is not seen as a source of income because child support payments are meant to be spent on the child and their needs, not as the parent’s personal spending money. With the same token, child support cannot be written off as a tax deductible expense by the parent paying child support.
In cases of tax deductions, there are many more stipulations and laws that apply to both parents. For example, the parent who has physical custody of the child for more than 6 months can take the tax deduction for having a dependent. However, there are many other regulations under this single law. Some of the regulations include, but are not limited to:
Family law is a delicate matter, but it pays to be prepared and informed. MyDivorcePapers.com makes it a goal to provide our clients with everything they need to not only get through a divorce quickly and inexpensively, but to get through a divorce by making the best decisions possible. A big part of being able to make sound decisions is having the right information at hand in a digestible and easy to understand manner. So watch our “Child Support and Taxes” video and start reading up on how divorce and child support will affect your taxes.