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Four Life Events that Affect Your Taxes

Date: September, 2016

Even after you’ve filed your income-tax return, you’ll want to keep thinking about your tax situation. For example, if you experience any of the “life events” listed below in 2015, it may be a good time for some tax planning.

 

A job change. If you are eligible for a distribution from your former employer’s retirement savings plan, consider rolling the money into another tax-favored plan or an individual retirement account (IRA) to avoid the receipt of currently taxable income.

 

A home sale. You may exclude profit — within limits — on the sale of your principal residence from your taxable income if you meet the tax law’s requirements.

 

A marriage or divorce. File a new W-4 withholding allowance certificate with your employer or, if you pay quarterly estimated taxes, review the amount you are paying.

 

A new child arrives. As a parent, you may be eligible for various tax breaks. Ask us for details.

 

To learn more about how life events affect your taxes, give us a call today. Our staff of professionals are always happy to help.

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