If you are divorcing or recently divorced, be aware of this event can have an impact on your taxes. Any child support payments you receive/pay are not taxable or tax deductible. However, alimony received from your former spouse is taxable income in the year received. Alimony paid under a divorce, separation decree are tax deductible.…
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Child Tax Credit
Tax Tip: The child tax credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. A qualifying child must pass several test regarding age, relationship, support, dependency, filing of a joint return, citizenship, and residency. If you need…
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