As we move closer and closer to tax season, there are several people that are going to be taking a good look at what their taxes look like this year. When you have gone through a big change in your life, there are many things that are affected by it. One of them could be your taxes depending on the life event that is changing. Mark Dicus & Company is here to talk about some life events and changes that could impact your taxes as well as your life.
Does Getting Married Reduce Taxes?
When you get married and merge your life with your new spouse, everything changes. That includes your taxes. You will not more than likely file a joint tax return so that you can take advantage of all the tax breaks that you are now eligible for. It doesn’t matter when you got married last year, the IRS will consider you married for the entire year.
Do You Get Taxes Back for Having a Newborn or Adopting a Child?
Whether you are going to give birth to a child or are looking to adopt a child, your taxes are going to be different moving forward. Once you get a social security number and card for your child, you can now claim them as a dependent on your taxes. You will also get to take advantage of the child tax credit that is offered. It doesn’t stop there, there are many other credits that you could be eligible for.
Is there a Tax Break for Buying a House?
When you achieve the American dream and are able to purchase your own home, it gives you a sense of pride. Not only will you be able to enjoy making a life in your new home, but you can also take advantage of some tax breaks as well. You can deduct real estate taxes, private mortgage insurance, and qualified home mortgage insurance. There may also be some residential energy credits that you could be eligible for as well.
Do You Get Taxed More when You Start a New Job?
Obviously, when you change to a different job, things are going to be different on your taxes. You will have tax documents that are coming from two different W-2 forms this year. You may want to make some adjustments to the withholdings if you don’t feel you have it dialed in just right. Withholdings may increase your return, but it is money you won’t see throughout the year either. Some people like to keep more in their pocket and forgo the return at the end of the year.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you have gone through a significant life change in the past year, you may be wondering what that means for your taxes moving forward. At Mark Dicus & Company, we can help you prepare your taxes and ensure you are taking advantage of any of the deductions that you are eligible for. We will make sure all of your questions are answered so you feel good about your return. Call us today!