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Kid Custody Agreement and Taxes

A youngster custody agreement can have critical implications on your tax filing and your taxes overall. This problem ought to be addressed with your attorney or with your accountant even though you are going through the method of negotiating or litigating child custody or a divorce agreement. Waiting until after you have finalized a kid custody agreement to investigate the tax impact is not adviseable.

State law on youngster custody does not dictate who gets the tax deductions. If your kid custody agreement is entirely silent on this problem, the parent with main residential or sole custody will have all of the tax advantages readily available via the young children. That party will be able to claim the young children as deductions, and so forth. dallas family law attorney, This can be a significant problem. There are parents who simply assume that if they are paying thousands of dollars per year in support, they will be in a position to take the kids as deductions. Not so. This is extremely essential when you contemplate that all kid assistance payments are not tax deductible to the payor and they are not taxable to the recipient parent.

Thus, when negotiating your kid cusody agreement, you should address the problem of how custody will be structured and who will recieve the tax advantages. This negotiation should be a element of an overall economic scheme that encompasses a consideration of all concerns, such as kid custody, child assistance, property, alimony, and tax impact.

The capability to claim head of household instead of married filing separate or even filing single can be incredibly important to your general tax scheme. You can claim head of household if you have your kids for a lot more than 50% of the time. Therefore, a head of household tax filing must be a component of the general negiating outline in a divorce or separation situation. A kid custody agreement that is silent on this problem is really not a well negotiated or written agreement.

Your kid custody agreement can address this concern in a number of approaches. If your youngster custody agreement gives for joint shared custody, it ought to state who has the young children for 50% of the time. dallas family law attorney ,If you have two children, you can divide that up so that each and every parent has the possibility of fiing for head of household. If you merely have joint custody and one particular parent has residential custody, you can nonetheless provide a head of household deduction to the other parent by wording the agreement in a way that enables for that filing.

There are other tax advantages obtainable to parents that have to be regarded as when negotiating a child custody agreement. Many or most of those tax rewards are variable depending upon your earnings level ad whether or not you can claim the child or young children as deductions. If you are truly thinking through your kid custody agreement, you will negotiate all of these advantages. The objective ought to be to maximize all accessible benefits for each parties, thereby supplying an overall very advantageous tax impact for your

dallas family law attorney custody agreement.