News Release: 2/5/2018
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NEW TAX LAW ELIMINATES MAINTENANCE DEDUCTION
Under the new taw law, you will no longer be able to deduct maintenance (alimony) payments, and they will no longer be taxable to the receiver. Under the current law, your total tax bill goes down when you shift the tax rate on maintenance to that of the lower income spouse. Uncle Sam gets less, and you save money. You can extend tax shifting beyond the end of 2018, but only if your court order is signed before then. If you are thinking of separation or divorce, consider starting now to make your plan in order to choose wisely about your timing. The tax effects of divorce are usually ignored in the adversarial process.
You can make your divorce plan together, as a couple, with Arden Hauer, Mediator and retired attorney, at Friendly Divorce in Evergreen. 4611 Plettner Lane, Suite 200.
