The 2017 Tax Cuts and Jobs Act created significant ramifications in the divorce context, particularly on the income tax front.This article discusses seven areas impacted by the current tax laws–including taxation of trust income and other important considerations. Issues including taxation of alimony payments, the suspension of the personal exemption and the miscellaneous itemized deduction, as well as possible higher valuations for closely held businesses, are also covered.
As the calendar year comes to an end, it’s important to review your financial situation to be certain you’ve taken advantage of any year-end planning opportunities. While planning is certainly not just a once-a-year endeavor, there are certain strategies that you may wish to consider to help optimize your tax and financial planning before ringing in the New Year.With so many demands on our time at year end, we offer the following tax and financial planning tips.
As we come to the end of 2019, it is once again time to consider what, if any, tax planning should be considered before year end and what the next steps will be to implement these strategies. While tax planning is important to consider throughout the year, a little extra time spent before December 31 can help optimize your tax positioning now and in the years ahead.