Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Federal taxes change in several ways this year. For example, for divorces taking place last year and into the future, the person paying alimony now has to declare it as income and pay taxes but the recipient does not. If you divorced before last year, there are no changes. Retirement savings have also changed. Max contributions have gone up for individuals and for companies, plus you can now contribute to your IRA no matter how old you are, as long as you have earned income. You also don’t have to take any out until you’re 72. There’s also a new shorter form for filing for seniors 65 and older. As always, though, consult a tax professional to see how these changes affect you. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.