We often get asked is child support tax deductible, in other words is child support deductible on taxes? We also get asked can you claim taxes on child support. The answer to all of these is “no”, you can’t deduct child support paid from your gross income, nor does someone have to claim child support as income. Here’s a plain English explanation as to why.
If you or your spouse lost out on the first stimulus payment due to child support debt, you won’t have to worry about your second payment being garnished.
As we mentioned a couple of weeks ago, the new tax law passed in 2017, and effective in 2018, has serious impacts for single fathers. The most glaring of these impacts – which also seems to be the least covered – is that it it completely does away with the deduction for spousal support (also known as ‘alimony’ or ‘maintenance’). Here’s what you should do to deal with this.
With very little fanfare, the new tax law that was passed at the very end of December, 2017, and which is effective in 2018, did away with the requirement that spousal support (previously known as alimony) receivers declare spousal support as income and, on the other side of the balance sheet, did away with the deduction for spousal support payers.
Summary: I am divorced, and my daughter lives with my ex. I pay nearly 100% of all expenses for my daughter, and certainly far more than half. I can take the tax exemption for my daughter, right? This is a very timely question. With tax season soon upon us, we…
Summary: Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). https://www.youtube.com/watch?v=cN7gcNXhf8k