Getting Divorced? What CPAs Say You Need to Know About Your Taxes

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In the United States, about 50% of all marriages finish in divorce, in line with World Population Review, that’s concerning the sixth-highest divorce price on the earth. 

And whereas a divorce isn’t simple, tax specialists say there are some methods divorced {couples} want to contemplate.  One of the primary issues to contemplate is the date that your marital standing modified.

“Your marital status at the end of the year determines how you file your tax return, according to Lisa Greene-Lewis, CPA and tax expert for our partners at TurboTax.  “If you have been divorced by midnight on December 31 of the tax yr, you’ll file individually out of your former partner”

Source: www.thestreet.com