Dr. Friday explains how marriage and divorce affect your taxes, especially filing status. She clarifies that a divorce at any point in the year counts for the entire year, which can create surprises.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
You know, when life happens, sometimes people get married, sometimes people get divorced, sometimes you have children, sometimes the children grow up and move out. All these things are life-affecting and mostly tax-affecting events.
So if you are divorcing, I have to reiterate what people I thought knew but I have found out don’t: it doesn’t go into effect the day you divorce, it goes into effect the year you divorce. So if you divorce any day today or December 31st, you are considered divorced the entire year.
It’s not a half-year thing, it’s not a quarter-year thing. So that means if you’ve been claiming married, you may end up with a huge tax problem. If you need help, call me.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.