The Tax Cuts and Jobs Act of 2017 signed into law last month will change the tax treatment of alimony payments for couples divorcing after December 31, 2018. Currently, the payor of alimony deducts spousal maintenance payments from their taxes and the recipient claims the amount received as income. The arrangement, as it stands, benefits…Read More
New Illinois Child Support Law Taking Effect in 2017
Under present law, child support is based on the net income of the child support payer. It is 20% for one child, 28% for two, 32% for three, and 40% for four. Net income is defined in 750 ILCS 5/505 as gross income minus certain specified deductions. One of the factors is NOT the amount…Read More
