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Divorce Tax Treatment Changes Implemented January 1st, 2019

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. To ease the transition brought by the new law, the application of many individual tax changes were pushed back to take effect until 2019. One of those deferred provisions relates directly to couples seeking a divorce.  Since the tax law […]

The Tax Reform’s Effect on Spousal Maintenance

The new year brought new laws. One of the most highly publicized, and impactful new laws brought significant changes to the U.S. tax code. If you are an individual seeking divorce you may be affected by this new law. Illinois’s spousal maintenance is based off combined income and years of the marriage. Individuals who finish […]

How the Tax Reform Affects Realtors

On December 20th, 2017 one of the largest tax reforms bill in recent decades was passed, which went into effect on December 31, 2017. The implications of this Act will affect realtors, homeowners, future homebuyers and the real estate market. As a Realtor Pass-Through Businesses. Many realty businesses are self-operating and may be classified as […]

How the Tax Reform Affects Pass-Through Businesses

On December 20th, 2017 one of the largest tax reform bill in recent decades was passed.  One significant change effects pass-through businesses, including sole-proprietorships, S corporations, and LLCs taxed as partnerships or S corporations. These businesses are classified as pass-through businesses if the owners report income from their businesses on their personal income tax returns. […]

How the Tax Reform Affects Businesses

How the Tax Reform Affects C Corporations On December 20th, 2017 one of the largest tax reform bills in recent decades was passed. C corporations, which experience a double-taxation due to taxation at corporate and income-distribution levels, should experience some benefit resulting from the taxation changes. The Corporate Tax Rate The new law incorporates a […]

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