Tag Archives: Deduction

New Federal Law for Spousal Support Tax Deduction May Impact North Carolina Alimony Negotiations

Alimony is also known as spousal support and it refers to payments made by one spouse to support the other after separation or divorce. The payments may be lump sum payments or ongoing payments. Generally, post-separation alimony lasts until the … Continue reading

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New Tax Deduction for Owners of Qualified Businesses

Good news for partnerships, S corporations, sole proprietorships, and estates and trusts (pass-throughs) which can deduct  up to 20% of their Qualified Business Income (QBI) under new IRS Maximize your QBI DeductionSection 199(A). What is Qualified Business Income? Qualified Business Income is … Continue reading

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New Passthrough Entity Tax in Connecticut Aims to Offset Deduction Limits

The State of Connecticut recently passed a law enacting a new nonvoluntary tax on all passthrough entities doing business in the state. The law was passed to offset the federal tax deduction limit of $10,000 on individual state and local … Continue reading

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Longstanding Alimony Tax Deduction Ends December 31

2019 will bring a significant change to post-divorce life for many Americans, due to the 2017 federal tax reform legislation that will reverse a provision that dates back seven decades. For divorces which are completed on January 1, 2019 and … Continue reading

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Nearly 90 Percent of Taxpayers Are Projected to Take the TCJA’s Expanded Standard Deduction

As the House of Representatives this week considers a bill that would make the individual reforms of the Tax Cuts and Jobs Act (TCJA) permanent, one important change to keep in mind is the increased standard deduction. The TCJA lowered … Continue reading

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