Newsletters
Deductible alimony—for pre-2019 divorces
Posted December 2018
As you may have heard, for alimony under divorce or separation instruments executed after Dec. 31, 2018, the alimony deduction doesn’t apply, and alimony and separate maintenance payments aren’t deductible by the payor spouse. The alimony is also not included in income of the spouse. The changing tax law will change the negotiations in a divorce settlement.
TCJA eliminates the ACA “individual mandate” starting in 2019
Posted December 2018
Starting in 2019, the Tax Cuts and Jobs Act (TCJA) has eliminated the shared responsibility payment, more commonly known as the “individual mandate,” that penalizes individuals who are not covered by a health care plan that provides at least minimum essential coverage, as outlined in the Affordable Care Act of 2010 (ACA). Since this penalty is only eliminated starting in 2019, you still need to take account of it on your 2018 income tax return.
LAST-MINUTE YEAR-END 2018 TAX-SAVING MOVES FOR INDIVIDUALS
Posted December 2018
Although there are only a few weeks left to go before the year ends, it’s not too late to implement some planning moves that can improve your tax situation for 2018 and beyond. A few ideas for actions to take before Dec. 31 to improve overall tax picture: