hello everyone I’m Andrea and I’m here with sherry Tolbert and today we will be talking about the new tax codes impact on divorce.
The high income tax payer typically had to pay alimony to the lower income tax payer, so the higher income, the higher income tax payer got to deduct that on their tax return and the lower income tax payer paid tax.
well this new law has said that that’s over and the higher income tax payer won’t be able to deduct it at all and the lower income tax payer won’t have to pay tax on it at all. so yeah it’s interesting, so really as long as everybody’s thinking the attorneys should be having the conversation and still be working to make it fair, but taking that into consideration that that those deductions or that income tax won’t happen, so it would be a conversation more than anything and just probably one more very many points of negotiation.
Sherry Tolbert from Tolbert CPA on new tax code impacts on divorce
Sherry Tolbert is a San Antonio CPA with over 20 years of experience serving business owners like you. Our firm, Tolbert CPA, focuses on businesses and business owners and their taxes. We’re ready to provide your business with the up to date knowledge you need to best take advantage of these business focused changes in the tax law.
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