When going through a divorce, the deadline for filing a tax deadline can come. When parties are married, most ordinarily file a joint tax return unless they are living separate and apart.
However, once has a divorce is taking place,
filing a joint tax return can be tricky. With a joint tax return, both parties are signing that all the information contained in the tax return is correct.
It is true that filing jointly can come with various tax benefits. To find out the pros and cons, it is essential to talk to a certified professional accountant.
But when a party signs a joint tax return, both parties are agreeing to their income — in a joint and individual sense. These income figures are then largely used to calculate child support and spousal support. It is hard, if not impossible, for a party to come into court and later dispute these figures if they signed the joint tax return.
In some cases, one party might have a concern that the other spouse is overstating or understating their income. They also might be concerned about various other components of the tax return itself in terms of its truthfulness and accuracy.
For parties going through a divorce, it is vital not just blindly to sign a joint tax return. Instead, many need to seek out the advice of a certified public accountant before they make their decision along with discussing the matter with their divorce lawyer.