The Interplay Between Child Support And Taxes In Florida
When parents get divorced, they usually must agree on child support. When one parent pays child support to the other, there are financial implications beyond making sure the kids have their needs met. Whether you are paying support or receiving it, you need to know how child support will affect your income taxes.
At The Day Law Office, we can give you the tax information you need to make smart choices about child support. Our team of attorneys has a combined five decades of law practice experience in Florida child support cases. We will be your trusted resource for family law advice that will save you money in the long run.
Questions about child support in Florida? Read our frequently asked child support quesitons page for answers, or contact us for answers specific to your situation.
How Does Child Support Affect My Income Taxes?
Child support is not taxed in Florida. However, spousal support (also known as alimony) is. To avoid having to pay income taxes on child support, the parent with custody of the children should be careful to have child support and alimony payments handled separately, not in a single payment of “family support.” If you pay or receive both alimony and child support, reducing the level of one payment and raising the other can affect your federal income tax bill. Please note that child support is not tax-deductible.
A bad child support plan could not only increase your tax bill; it can also affect your ability to maintain your household or raise your kids properly. Our attorneys, Sandra Day and David Day, work collaboratively on each case, so you will enjoy the full benefit of both their experiences in the law. We will guide you into a support order closely aligned with your financial reality.
Let Us Address Your Child Support Concerns
Call Day Law in Spring Hill, Florida, at 352-200-2382 or toll-free at 888-326-9553 to schedule your confidential case evaluation with one of our attorneys. You can also contact us online to get started. We look forward to helping you make the fresh start you deserve.