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...
by Administrator | Jul 16, 2018 | Personal Divorce
When disabled children exist in the family The GOP’s Tax Cuts & Jobs Act (TCJA) that was passed in late December, 2017 could impact your divorce process. Background and Context The term “ABLE account” stands for achieving a better life experience for the benefit...
by Administrator | Jul 16, 2018 | Personal Divorce, Tax Risks in Divorce
An overview of the new tax law Under the new tax law home equity loans and lines of credit are still deductible. Yet they are subject to certain conditions. The proceeds must be used to buy, build or substantially improve a home that is secured by the home equity...
