Alimony is getting more complicated. I was asked this morning on one of my radio shows about the implications of the changing alimony-tax law. While this is not the kind of work I do, our team focuses on personal injury law, I do know the law has changed and things are about to get more complicated for anyone whose divorce goes into effect after January 1st, 2019.
Essentially the new law in summary is this:
if you’re the one paying alimony, you’re no longer going to be allowed to deduct that on your taxes. If you’re the one receiving alimony payments you’ll no longer be taxed on those payments as income.
While at first this might seem like a win for the receiver, it ultimately means courts are more likely to demand less money sums be paid out because the payer can no longer deduct the payments on their taxes.
Here’s more info on the changing alimony tax law – what’s what and what you need to know if you’re going through a divorce and alimony is at stake.
Joe Stanley of The Team at Stanley Law focuses on personal injury law.
However on his many radio and television show interviews, he’s always advocating and educating listeners and viewers to learn more about their rights. Being in the know, having knowledge to back you up, is critically important and Joe and his entire team work diligently to help consumers have a stronger voice on their own behalf. If you or someone you care about is seriously injured, please consider giving The Team at Stanley Law a call. They’ll be there for you with offices in Syracuse, Binghamton, Rochester, Watertown, and Montrose, PA. 1-800-608-3333 or you can email Joe directly at [email protected].