Monthly Archives: April 2018

Settle Your Divorce Before the Alimony Tax Deduction Is Repealed

Spouses who are separated should act promptly to settle their divorce cases, before changes in the federal tax law make it more difficult next year. Back in December 2017, the U.S. Congress passed a law that makes sweeping changes in federal income tax. Many personal tax deductions have been repealed, including the right to deduct alimony from taxable income. The repeal of the alimony tax deduction affects divorce settlements and […]

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New Tax Law Eliminates Child Tax Exemption for Parents

April 01, 2018 | Divorce, Legal Perspective, Tax Issues

Icon for author Brian Vertz Brian Vertz

After April 15, 2018, parents who are separated, divorced or unmarried will no longer have to fight over the tax deductions for their children. The U.S. Congress passed a new tax law in December 2017 that eliminates the dependency exemption for children, one of the tax benefits that historically provoked intense debate between estranged parents. The new law went into effect on Jan. 1, 2018, but does not affect 2017 […]

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Keeping Taxes Low During Separation and Divorce

Divorcing couples often face disastrous tax consequences because they go from filing taxes jointly to married filing separately, which creates the highest tax burden for both spouses. But, there is an alternative. Under certain circumstances, parents with children can file as head of household. To qualify, a single or legally separated person must maintain a household for more than half of the taxable year which is the principal residence of […]

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