With the new 2018 tax code being in place there are some changes that will now take place in terms of alimony payments. At first, it might seem complex and hard to understand, however working with a great lawyer like the ones at Simonetti & Associates, voted best divorce lawyer on Long Island for the 5th consecutive year, will be able to make the new tax code easier to comprehend.
Here are some of the biggest changes in terms of alimony, with the new 2018 tax code being in place.
- The first change that is all divorces that are finalized after December 31st, 2018 will have to adhere to the new tax code rules.
- For alimony payments in a post-2018 tax code divorce, the tax deduction on the payments will be eliminated.
- These payments will also no longer be treated as taxable income for the alimony recipient. Previously these payments were viewed as tax deductions and seen as taxable income to those who received these alimony payments. This, as a result, may cause the taxes for divorced couples to be higher than they have been in the past.
Having the best divorce lawyer on Long Island, Simonetti & Associates, will help you work through the new tax code and make it easier for you to understand as it relates to your case. Our team will provide personalized legal assistance in order to help you protect your assets. However complex your case and for whatever side you are on, Simonetti & Associates can help you. Having served the Long Island community for over 30 years, our skilled attorneys have been voted best divorce lawyer on Long Island for the 5th consecutive year. If you are looking to get a divorce with the new 2018 tax code, our team can help you. Schedule an appointment today.
