Divorce Terminology
Child Support 101: Maximizing Tax Savings, Exemptions and Benefits
Perhaps you're looking for a way to lower your child support payments. Or maybe you're wondering if making maintenance or alimony payments would benefit you better instead. Or perhaps the idea of having the IRS take care of some of your child support payments sounds intriguing. No matter what your reasons, you can benefit with some tax savings and exemptions when it comes to your child support payments to help lower your costs over time and get a little help from the IRS.
It's important to know that child support payments are made with your take home income, unlike maintenance or alimony (each state coins this payment differently) which comes out of your paycheck before you receive your after-tax payments.
What difference does this make, you ask? Well, utilizing pre-tax money over after-tax money will lower your payments to your ex-wife by 30% or more. This is an exceptional amount to consider, especially when it's a simple change in terminology that makes the savings so large!
Another way to take advantage of tax benefits is by receiving the right to claim the children each year on your taxes. If your ex-wife is living on her own with Custody of the kids, she will receive a head of household tax benefit, so it is only fair that you receive the tax exemption for the children so that you both get a fair and equal cut on your taxes for having the kids.
By taking a little more consideration as to how child support payments are figured and determined, and how you can change the way they're paid, you can save quite a bit of money in the long run and come out ahead with your tax refund!
About the Author
For a wealth of free information on Father's Rights winning information, check out Dennis Gac's website at fathershelphotline.com. Gac is often referred to as the world's number one father's rights consultant, and has helped thousands of fathers get their children through the court systems, despite everything society has against them. Join Dennis Gac and the National Brotherhood of Father's Rights!
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