There are several events in your life that will have lasting effects. They can be life altering and impact many facets of your life. One part of your life that will also be impacted by these decisions and life changing events is your taxes. Mark Dicus Company is here to talk about the different events and milestones in your life that will surely have an impact on your taxes so you can prepare for the changes.
Tax Changes After Marriage
When you get married, it puts you in a position to file your takes jointly with your new spouse. This opens up a bunch of tax breaks for you. However, you need to remember that your taxes documents and your social security card have to have matching names. If you are planning to take your spouse’s last name, you need to make sure your name is changed on all of your documents, including your social security card.
How Much You Get Back in Taxes for Having a Child
Whether you give birth to a child or adopt a child into your family, this event is going to have lasting implications to your taxes. You will now be eligible for the child tax credit. There are also other childcare expenses that can be deducted as well. If you have adopted, you may be eligible for other additional tax credits as well that cover some of the adoption fees, court costs and other expenses related to your adoption.
Taxes Change when You Buy a House
When you finally take the plunge and purchase your own home, you are living the American dream. This can impact your taxes as well. You will be able to itemize your return now and this includes deducting things like real estate taxes, private mortgage insurance, interest and more. When you do some upgrades to your home like new appliances, you may be able to get some tax breaks for qualifying purchases.
Taxes when Changing Your Job
Obviously, if your employer changes and you are going to be seeing a change in your income, you will also see a difference in the taxes that you’re paying. You are going to need to make adjustments to the withholdings that the government keeps out of your check to pay your taxes. Most people pay more money in taxes than they need to with the intent of getting it back in a big return. Others, like to have less withheld and keep that money in their pocket throughout the year. You will need to decide which approach you want to take.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you have experienced some life changes that have an impact on your taxes, you can turn to Mark Dicus Company to help you navigate these changes. We offer tax preparation services to ensure you are taking advantage of all the deductions and tax breaks that are available to you. Leave it to us and we will make sure tax season isn’t stressful for you this year. Call us today!