LOVE THEM Just because your child isn’t under your roof anymore doesn’t mean they don’t need love. Love from a spouse or a child of their own will never fully replace a parent’s love. Let your child know you always have their back. Be proud of them and their accomplishments as an adult. Your love and support means just as much now as it did when you were raising them. Parenting an adult is an exciting adventure. Remember, while your relationship will change throughout the years, your child will never stop needing your love and support.
Tax Cuts and JOBS ACT Hearing about the new Tax Cuts and Jobs Act (TCJA) that passed at the end of last year might have you on the edge of your seat. If you’re going through a family law case, it can potentially affect your bottom line. After Jan. 1, 2019, alimony will no longer be taxable as income to its recipient or tax-deductible to its payer. This means, if you are anticipating divorce and alimony, time may be of the essence! Under the current laws in the state of Florida, a spouse who is paying alimony is able to claim the payments as a tax deduction, and the spouse who receives the alimony reports them as taxable income. WHAT YOU MIGHT EXPECT When your child packs their bags and strikes out on their own, your parenting journey isn’t over. It’s just different. Regardless of their age, distance from home, or stage of life, your child still needs a parent. You may not be changing diapers or teaching them to drive, but your child still needs your support. Here are three guidelines that will help you make the transition from parenting a child to parenting an adult. TREAT YOUR ADULT LIKE AN ADULT No adult wants to feel treated like a child. They need a support system, but they don’t need help with their homework anymore. Give them space
and let them feel free to explore adult life. Don’t tell them what to do. Offer guidance only when it’s wanted. Be open with them about your mistakes so they can learn from your experiences as well as their own. LISTEN, LISTEN, LISTEN You can’t correct every parenting mistake you’ll ever make. If you find yourself trying to correct mistakes you made years ago, stop. You can accomplish much more by listening to your adult child now than you can by trying to right your past wrongs. Parenting young children involves a lot of talking. Now that they are older, take time to listen.
work. The husband pays $50,000 in taxes. Going through a divorce in 2016, the husband is ordered to pay $80,000 a year in alimony to his wife, which is tax-deductible. This means that his tax liability was reduced to $120,000 per year, so he only had to pay $24,000 in taxes. His wife, on the other hand, has to pay $16,000 in taxes on the $80,000 she received in alimony. With the new law in place, a spouse paying for alimony will not be able to claim it as a tax deduction, and the receiving spouse won’t report it as taxable income. If this couple were to divorce in the year 2019, the husband wouldn’t receive a reduction on his taxes, and the wife wouldn’t be forced to pay the $16,000 in taxes. The husband would continue to pay the $50,000 on top of
the $80,000 he was ordered to give his wife. The wife would be able to pocket the full $80,000 in alimony without paying taxes. If you’re already paying or receiving alimony, the act won’t affect you. It’s only applicable to those who will be divorcing after Dec. 31, 2018. Procrastinators beware, time is of the essence for those alimony payments to be tax-deductible! Knowing what’s coming your way can help you better prepare for the future. Feel free to call us for more information on the Tax Cuts and Jobs Act.
Consider this example of a fictional husband and wife. The husband makes $200,000 per year, and the wife doesn’t
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