But for new divorces finalized after 2018, alimony payments are no longer deductible by the payor nor taxable to the recipient at the federal level. States taxes will vary with some, like ...

Question: I understand the new tax law reverses the rules for alimony, so that the payer no longer gets to deduct payments and the recipient no longer has to pay tax on alimony received.

Killing the alimony deduction is one of the smaller revenue targets for the House Republican tax bill, yet it is exceedingly significant to the people affected. Under current rules, alimony payors ...

Did you ever wonder if alimony is taxable for the ex-wife. This is because the alimony is paid by husband after paying all the due income tax. Experts say, various court judgements said, yes ex-wife ...

In the past, couples could set up alimony agreements that would allow the person making payments to deduct that money from their federal taxes. While those with divorce agreements finalized before ...

Navigating the complexities of tax season can be daunting, especially when deciding between a tax deduction or a tax credit.

U.S. President Donald Trump has not laid out a new law banning parents who receive child support payments from claiming child ...

alimony, retirement distributions, unemployment compensation and Social Security benefits. Age Your standard deduction: $14,600 A fixed dollar amount based on your income and tax filing status ...

alimony payments, student loan interest, and teaching expenses. Itemizing is typically more beneficial if your total deductible expenses exceed the standard deduction. With a $1,000 tax credit ...

Alimony (if divorce decree is 2018 or earlier) If you are self-employed or own a small business, you may be eligible for other tax deductions including home office deductions and reimbursement for ...

Tax credits and deductions can help you owe less money in taxes, but they’re calculated in different ways. Tax credits reduce your tax liability dollar for dollar, while tax deductions reduce ...