Navigating Your Taxes After Major Life Changes

If you have recently married, purchased a home, or had a baby, you are likely well aware of the significant life adjustments such milestones present! But you may not realize that major life changes usually have tax implications.???

With that in mind, I’m reaching out today for some common considerations associated with major life events. Take a look at general questions to ask for each circumstance below, and feel free to file this away for future reference:

• Getting Married - What is the best filing status for our financial situation? Should we update our withholding???
• Buying a House - Do I get a tax break when I buy a house???
• Having a Baby - Will I be eligible for the child tax credit??
• Changing Jobs - I’m making more money. Should I bump up my withholding??
• Sending Kids to College - Can I claim tax credits and deductions for the education-related expenses I paid for my child? Does it make more sense for my child to take the credits??
• Going Through a Divorce - What filing status do I qualify for after a divorce???
• Getting Ready to Retire - Should I be concerned about the tax implications of required minimum distributions? Will I pay taxes on my Social Security benefits???

Of course, I am here to answer these questions for you, taking into account your unique situation. Do not hesitate to grab a time on my calendar or give the office a call if you have recently experienced a significant life change or expect to do so.?

Talk soon.

-Nate