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Got a lot of assets? Here are 3 things to consider for a High Asset Divorce.

high asset divorce
  Regardless of your opinions about divorce, the common consensus is that a divorce is expensive.  The cost of a divorce can be increased for a community estate which has high income earner(s), and/or significant assets. At times in high asset cases, some or much of a spouse’s wealth was acquired before the marriage.  It is not uncommon for the disposition of these assets to be controlled by a premarital agreement, or pre-nup as it…
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California wants to increase your tax deductions. The IRS is trying to prevent that.

the treasury department building in washington, dc.
  At the end of May, 2018, the IRS issued Notice 2018-54.  The Notice indicates that the IRS is working on proposed regulations to address State attempts to circumvent the new laws regarding the deductibility of state and local tax payments on an individual’s federal income tax return. See SB 227, which would have started the California Excellence Fund allowing taxpayers to make payments to the fund and deduct those payments as charitable deductions.  This…
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Spousal Support Considerations After the Tax Cuts and Jobs Act – Does California Conform?

portrait of gesticulating girl talking with psychologist
  As you likely already know, after the Tax Cuts and Jobs Act (TCJA), alimony will not be deductible for the payor spouse, or reportable as income to the payee spouse, for divorce decrees entered after 2018. But what about California, do these new rules still apply? California does not conform to the new laws, and it will still allow a deduction for spousal support payments, and require a payee spouse to report the spousal…
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Do You Need to Worry About the Kiddie Tax? – Mendes Weed, LLP Assists Families and Businesses with Their Estate Planning, Tax, and Business Needs

money box piggy on white background.
  Mendes Weed, LLP has combined resources and knowledge to assist you and your family throughout any phase of your life.  We assist clients with estate planning, tax, family law, business law, trust administration, probate, and elder law. Because we assist families and small businesses in so many important areas of law, we understand which changes in the laws, including tax law, will affect our clients. Did you know that minor children are subject to…
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Top 3 Ways to Hack the Tax Cuts and Jobs Act

open calendar on table
  Update your W-4   Taxpayers can no longer claim a personal exemption.  Make sure you have proper wage withholding.  If you enjoy getting a refund when you file taxes, and you don’t want to owe, you will likely need to update your W-4   Get your medical procedure you’ve been putting off done in 2018   The AGI floor for itemizing medical deductions is now 7.5% instead of the previous 10%.  In other words…
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