It's tax time again. I get a lot of tax questions from divorcing parents around this time of year. While I am no tax expert, here are some general things to keep in mind about divorce and taxes:
- Child support is not income
- Child support is not deductible
- Single parents may be eligible for the Earned Income Credit, depending on income
- Single parents may be eligible for Head of Household based on caring for child for more than 1/2 the year and paying more than 1/2 the expenses of a home
Check the IRS website for the publications about these tax topics, or consult a tax professional if you have questions about divorce and taxes.
Be sure to grab a free copy of my Parent's Guide.