As most people know the US tax laws are changing in many ways. Those changes will likely have some impact on almost everyone in West Michigan and in the rest of the United States. However, there are many changes to the Tax Code that most people may be unaware of until changes in their own lives cause them to be exposed to the effects.
Some of the new tax laws will affect couples considering divorce in several ways, such as the changing laws regarding spousal support and tax deductions. However, there are business implications as well. For example, the new laws and related deductions may impact small business owners by potentially affecting their business valuations.
With so much change surrounding the US tax laws, and the implications those changes could have, it is extremely important for anyone considering divorce to discuss the process with an experienced attorney and tax professional immediately. Don’t wait until it’s time to file business and personal taxes next year, ask questions from an experienced West Michigan attorney immediately if you have any major life changes on the horizon.
Divorce is difficult no matter what the circumstances. Many people will be exposed to information from friends and family who have been through the process, and who believe they can provide sound advice. Even if they were able to share information regarding the divorce process or tax implications that was correct in the past, that information will probably not be relevant now.
If you are considering divorce, it is extremely important that you do not wait to discuss the legal and tax implications with an experienced attorney. The decisions you make today could affect your business and personal tax filings in the following year, or possibly for years to come.
We will be featuring a series of articles highlighting the tax changes and what they mean for couples considering divorce, as well as the impact on child support, spousal support, and business valuations. Please stop back for more information on these topics and others that can help you to be better prepared.
It is important that you act now, so please contact the experienced West Michigan divorce attorneys at Johnsen Wikander today and let us help you through this difficult time.