Family law attorney Janet Reed explains recent changes to tax laws affecting tax treatment of spousal support

Janet Reed Attorney in North Carolina 2

Janet Reed Attorney in North Carolina 2

Website of Janet P Reed, Attorney in North Carolina

Website of Janet P Reed, Attorney in North Carolina

Blog of Janet Pittman Reed, NC Lawyer

Blog of Janet Pittman Reed, NC Lawyer

Janet Pittman Reed lawyer in North Carolina

Janet Pittman Reed lawyer in North Carolina

Janet Pittman Reed lawyer in North Carolina

Janet Pittman Reed lawyer in North Carolina

Under the TCJA, spousal support under a divorce decree or settlement agreement finalized after December 31, 2018 is no longer deductible, notes Janet Reed, Esq.

The Law Office of Attorney Janet Pittman Reed (N/A:N/A)

The change poses a significant consideration for practitioners … the support being awarded or agreed upon in 2019 and forward will represent a higher financial burden for the payor spouse”

— Janet Reed, The Law Office of Attorney Janet Pittman Reed

JACKSONVILLE, NORTH CAROLINA, UNITED STATES, January 1, 2019 /EINPresswire.com/ — In her newest published article, lawyer Janet Reed explains recent tax changes that may be implicated in family law proceedings. The complete article will be published on her Blog at https://janetreedesq.blogspot.com/

As part of the Tax Cuts & Jobs Act (TCJA), tax treatment of spousal support has gone under a major overhaul. As practitioners of family law are well aware, currently, spousal support is an above the line deduction for the payor spouse and taxable income for the payee spouse. This means that regardless of whether the payor spouse takes the standard deduction or the itemized deduction, said payor spouse can deduct spousal support from his or her taxable income and reduce their tax burden. Correspondingly, the payee spouse has to report such spousal support as their income and be responsible for the income taxes on it. Because payor spouse tends to have higher income than the payee spouse, it often results in a net tax benefit by shifting pre-tax dollars from the payor spouse to the payee spouse.

Under the TCJA, spousal support payable under a divorce decree or settlement agreement finalized after December 31, 2018 is no longer deductible by the payor spouse nor reportable as income by the payee spouse. This is also true for any modifications to existing settlement agreements, but only if the agreement explicitly provides that spousal support will no longer be deductible by the payor spouse.

The change poses a significant consideration for practitioners. Attorneys representing payor spouse must recognize that the support being awarded or agreed upon in 2019 and forward will represent a substantially higher financial burden for the payor spouse. At the same time, payee spouse will now receive such support without worry for income tax burden. Payor spouse’s attorney will need to focus on lowering the support amount in litigations and negotiations to accurately reflect the fact that spousal support award can be lower and still provide same financial support to the payee spouse. Attorneys for payee spouse will need to focus on maximizing the financial benefit to the payee spouse and also ensure that support award or agreement does not overcompensate for the change in tax law, resulting in an unduly reduced spousal support.

Navigating the constantly shifting tax laws and their implications on family law cases requires the assistance of an experienced family law attorney. Individuals are encouraged to discuss the potential ramifications of the TCJA on their cases with a qualified family law attorney, adds Ms. Reed.

About Janet Pittman Reed, Attorney in North Carolina

Janet P. Reed is an attorney in Jacksonville, North Carolina, and handles Family Law cases such as Divorce & Separation.

Website: https://janetreedlaw.com/
Blog: https://janetreedesq.blogspot.com/
Attorney Profile: https://solomonlawguild.com/janet-p-reed
News: https://hype.news/janet-p-reed-attorney-in-north-carolina/
LinkedIn: https://www.linkedin.com/in/janetpittmanreed/
Twitter: https://twitter.com/leglone?lang=en

Janet P. Reed
The Law Office of Attorney Janet Pittman Reed
+1 910-381-1758
email us here
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Intermittent Fasting Made Easy – The 3 Day Fast Start Diet

Intermittent Fasting Made Easy

Intermittent Fasting-Without Starving

You call this Fasting?

Intermittent Fasting has been scientifically proven to aid in weight loss, boost metabolism, and enhance hormone function. Nutrient ratios proven to get results

"You can't help someone up a hill without
getting closer to the top yourself "”

— Joey Dweck

TENAFLY, NJ, US, January 1, 2019 /EINPresswire.com/ — Tenafly, NJ – Dec 29th 2018, Weight Loss Buddy has made headlines with the launch of a new 3-day fasting diet that is said to be the best yet. Unlike other fasting diets that are hard to follow, Weight Loss Buddy has put together a 3-day fasting diet meal kit that includes every single thing needed to get through the 3 days. The 3-day fasting meal kit includes an appetite suppressant to reduce hunger cravings, and pre-calculated, pre-proportioned meals to get through all three days. The Weight Loss Buddy meal kit makes it much easier to complete a 3-day intermittent fasting diet because they have taken care of the hard work. The meal kits come with three days of delicious and wholesome foods that aide in the alleviation of bloating and sugar-cravings.

The 3-day fast start meal kits are part of a pre-measured, pre-calculated 3 day eating plan. Joey Dweck the CEO of Weight Loss Buddy was quoted as saying, “We have gone to great lengths to choose, out of hundreds of foods, nutrient ratios, that were found to be the most beneficial in recent longevity studies in tricking the body into thinking it's fasting. This is the most valuable box of meals you are ever going to get. An individual would have to spend $100’s of dollars to buy these items in bulk, not to mention assembling them. You buy only what you need. Start building a new body now!” He went on to say, “Anyone can benefit from this Spring-Cleaning of sorts. It doesn’t matter how good your diet is, or how much exercise you do, the body ages and the cells accumulate damage.”

LiPO3 Appetite Suppressant Spray is included with the meal kits at no extra cost. LiPO3 is a unique formula that contains clinically proven appetite suppressants with a powerful liposome delivery system. It is made entirely in the USA. Intermittent Fasting has been scientifically proven to aid in weight loss, boost metabolism, and enhance hormone function. Some researchers believe that the rise in health problems has a lot to do with the fact that many people no longer go hungry. 3-day fasting diets are becoming hugely popular and remain to be a very healthy way to detox the body.
To learn more about the Weight Loss Buddy or their new 3-day fast start meal kits, visit their official website at https://www.faststartdiet.com/

Take a look at “Unboxing the Diet”

Media Contact:
Weight Loss Buddy
Attn: Joey Dweck
Tenafly, NJ USA
1-877-BuddyUp
joey@weightlossbuddy.com

Joseph Dweck
Weight Loss Buddy, Inc
+1 877-283-3987
email us here
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The Benefits of Intermittent Fasting


Source: EIN Presswire