It’s tax time again! I know this because I am cleaning closets at home to avoid pulling my taxes together. If you are in the middle of a divorce, you need to be careful about how you file your taxes. Jennifer Green, my very knowledgeable tax colleague, has some suggestions for this.
Married spouses who are in the process of seeking a divorce should think twice about filing a joint income tax return. That decision should not be made in haste. Although you can amend your income tax return to change your filing status from married filing separate to married filing joint, once you file a joint income tax return, you cannot later change your mind and amend your tax return for that year to change your filing status to married filing separately.
Many married couples choose to file a joint income tax return in order to take advantage of certain tax credits and other benefits attributable to this filing status. However, there is major disadvantage in filing a joint income tax return. As joint filers, both spouses are jointly and severally liable for the tax and any additions to tax, interest or penalties … Keep reading