Divorced Couples Will No Longer Be Able to Deduct Alimony Payments in 2019

BROOMFIELD, CO, USA, February 9, 2018 /EINPresswire.com/ --
Media Contact: Lenny Tanis
Phone:(303) 465-4605
Email: ldtanis@broomfieldlaw.com

NEW TAX BILL ALTERS DEDUCTIONS FOR ALIMONY PAYMENTS
Divorced Couples Will No Longer Be Able to Deduct Alimony Payments in 2019

Broomfield, CO: New details of the GOP tax bill show significant changes to the country’s tax policy as it relates to alimony payments. In order to pay for the bill’s $1.5 trillion increase to the nation’s deficit, divorced couples will no longer be able to deduct alimony payments beginning in 2019. Additionally, those receiving alimony payments will no longer have to pay taxes on their earnings beginning in 2019. These changes are expected to have a major effect on divorce fillings in the coming year. Individuals looking to receive an alimony payment may want to wait until 2019 to file for divorce, so they can avoid paying taxes on their earnings; while those requires to pay alimony may want to file for divorce before the end of the year, so they can deduct these payments on their federal tax returns.

Family law firms across the country are rushing to make sense of these changes to the country’s tax laws. Couples looking to get divorced may find themselves at odds with one another as they negotiate when to file. Divorce attorneys will advise their clients to file for divorce based on a timeline that positively affects their earnings. To summarize as to how the GOP tax bill will affect alimony payments:

• Under the current system: up until the end of 2018, alimony payments are tax deductible and those receiving alimony payments pay taxes on their earnings.
• Under the new tax law: beginning in 2019, alimony payments will not be tax deductible and those receiving alimony payments will not have to pay taxes on their earnings.

As one of the leading divorce law firms in the state of Colorado, Cooper Tanis & Armas, P.C. encourages their clients to learn about coming changes to the country’s tax laws. These changes are bound to have a significant effect on the finances of divorced couples throughout the region. Those looking for legal guidance on how the GOP tax bill will affect their divorce settlement should contact the professionals at Cooper Tanis & Armas, P.C. A recent client spoke highly of the law firm on Google Reviews, stating, “I have worked with Lenny for over four years relating to my divorce and subsequent related issues. I have consistently found Lenny to be extremely knowledgeable about family law, impeccably ethical, genuinely concerned for my and my child's wellbeing as well as being very easy to work with.”

About Cooper Tanis & Armas, P.C.: Specializing in family law, divorce, and child custody cases, Cooper Tanis & Armas, P.C. has earned a reputation of securing the best possible outcomes for their clients. With over 100 years of combined experience, the attorneys at Cooper Tanis & Armas, P.C. tailor their approach based on their client’s needs, helping to secure a brighter future for families across the state of Colorado. For more information, all interested parties should visit www.broomfieldlaw.com.

Cooper Tanis & Armas, P.C.
Cooper Tanis & Armas, P.C.
(303) 465-4605
email us here

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