by Administrator | Jul 17, 2018 | Personal Divorce
The definition of qualified property expands The new tax rules on Section 179 deductions expand the definition of properties that are eligible for a tax deduction, subject to phase-out rules and deductibility restrictions on profitability. The types of improvements...
by Administrator | Jul 17, 2018 | Personal Divorce, Tax Risks in Divorce
An overview of the new tax law The Tax Reform Act of 2018 has limited the amount a taxpayer can deduct as itemized deductions on the federal tax return. Married couples are allowed up to $24,000 in itemized deductions. Taxpayers who have a filing status of single are...
by Administrator | Jul 17, 2018 | Personal Divorce, Tax Risks in Divorce
As a result of the 2018 Tax Reform Act, Congress introduced a new section of the IRS code (Section 199A) that allows equity holders of pass through entities such as S corporations, LLCs, general partnerships, LLPs or sole proprietorships to deduct up to 20% of the...
by Administrator | Jul 16, 2018 | Personal Divorce
Using the head of household status comes with some benefits that need to be taken into account in a divorce process. To obtain a head of household status the taxpayer has to: Be unmarried at the end of the tax year Provide for more than 50% of the household expenses...
by Administrator | Jul 16, 2018 | Personal Divorce, Tax Risks in Divorce
What is carried interest? Carried interest represents the profits an investment manager receives, typically from an investment in private equity or a hedge fund (not a mutual fund), in excess of the amount contributed towards the investment. The carried interest...
