How Does Termination of Parental Rights Affect Child Support?
If being ordered to pay alimony was not already bad enough, imagine having made all your alimony payments on time, and then receiving a nasty letter from the IRS. It states that they are going to audit your tax returns for the last three years, including your paid alimony deductions. Sounds like a nightmare!
For parents, finding reliable information about child support online can be a challenge. While most states’ child support laws are similar, the specifics vary from one state to the next, and it can often be difficult to tell whether a particular resource is up-to-date on the latest guidelines that apply.
Getting divorced entails a wide range of financial considerations, including potential income tax liability. Spouses who are able to amicably resolve their divorces can often structure terms that provide tax benefits on both sides as certain arrangements have tax implications while others do not. Is child support tax deductible? What about alimony? Can your property distribution trigger income tax liability? Here is a brief overview of some of the key tax-related issues involved in getting divorced in Georgia: