3 Things a Tax Accountant Says Everyone Gets Wrong

In the eyes of the tax code, married people have the best advantages—they reap double what a single person would in terms of deductions and credits, because if one partner qualifies, it applies to both. However, that all disappears should you divorce. If you and your spouse are planning on divorcing toward the end of the year, it’s best from a financial standpoint to wait until the new year if possible, so you can still reap the benefits of the partnership at tax time.

“Say you’re married but then December 30 you’re like, ‘I’m done with this, I’m finalizing my divorce .’ Starting the next tax season, you’re considered single,” Carter explains. “Even though you were married January 1 to December 30 , if you’re single on the last day of the year, you’re considered single for the entire year. The same goes with marriage…timing is super important.”