Taxes

New tax laws will impact alimony payments. If you or someone you know is in the midst of a divorce, they should be equipped with a basic understanding of how the new laws affect them. SFLG’s Debra Schoenberg shares her expert insight with the California Business Journal. https://calbizjournal.com/new-tax-laws-impact-divorce/

by Debra Schoenberg Grey divorce refers to the split or separation of older couples, usually over the age of 50, who have been in a long-term marriage and maybe going through retirement. According to Forbes, divorce for older couples has increased, while the overall rate of divorce in the U.S. has declined.

The new tax law passed by Congress in late 2018 and signed into law by President Donald Trump does a lot of things. For example, if you’re fortunate enough to leave behind a huge estate, your heirs will now get the first $10 million tax free. In addition, the corporate tax rate

The IRS code was modified effective January 1, 2019 which now eliminates the ability to list spousal support as a deductible expense for the payer on federal income taxes. Recipients of alimony are also no longer obligated to report the payments as taxable income. The new law will apply to all alimony

Written by Debra Schoenberg October 7, 2019 Marriage is a beautiful union until things turn sour. Marriage takes a lot of work, and sometimes things don’t go as planned and you find yourself going down a bumpy road of separation from your spouse. The divorce process is a complicated and stressful situation,