Going through a divorce is always a stressful and trying time in any person’s life. When considering what your filing status should be during this difficult period, it is important to understand the tax laws regarding this situation, especially the potential tax liabilities or how the refunds will be dispersed and where the refunds will be mailed. You may file Married Filing Jointly if you are still married on December 31st the end of the year and both of you agree to the filing status. Filing Married Filing Jointly has its advantages, specifically, getting a larger refund. However, if you choose that filing status, you will also be responsible for any tax liabilities that belong to your spouse. Make sure to discuss these options with your tax preparer, and in some cases, seek out a tax attorney for additional guidance.
As Always, Happy Savings!