If you’re getting divorced, you have one more thing to think about: taxes. When you receive a final divorce decree, update your withholding by filing a new W-4 with your employer. If you receive alimony, you may need to increase withholding or make estimated payments. However, if your divorce was finalized after Dec. 31, 2018, don’t include alimony in income. And if you pay alimony to an ex-spouse in a divorce agreement finalized after 2018, you can’t deduct the payments. In general, a parent with custody of the children more than 50% of the time can claim them as dependents. Questions? See IRS Publication 504: https://bit.ly/3nAWihJ. Call or visit our website for more information! www.mjscpa.com/
