The question often arises, “who gets to claim the children on the tax return?” Senior Associate Attorney Heidi Sherman and tax attorney Jonathan Mishkin discuss how the Tax Cuts & Job Act impacted the “dependency exemption.” Now, rather than an exemption, tax filers have the option to claim certain “credits.”
Watch the video below to learn more about the tax credits currently available to divorcing parties, the circumstances under which the IRS will allow parties to allocate the credits or exemptions between divorcing parties, and what happens if the parents can’t agree on who claims the credits, or if a parent incorrectly claims the credits in violate of tax law.
This publication does not, and is not intended to, provide tax or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax or accounting advice. To schedule a consultation with one of the lawyers at Jill Brittle Family Law Group, please call our office at 503-445-1575.