Child support is something that parents who aren't together any longer might have to deal with. The payments are meant to help financially support the child's needs. But, were you aware the child support payments can also impact your taxes each year?
One way that child support can affect your income tax return is the determination of the filing status. For example, if you want to file head of household, you must ensure that you are the person who paid for more than half of the home's support for the year. If you and another person paid equal shares, neither person could claim head of household status.