Tax Impact Of Life’s Events

Many times we experience significant life events that have a tax impact too! Here is an outline of the following Life Events may have an impact on your taxes:

From Birth through Childhood

            -Dependency

            -Child tax credit

            -Earned income credit

            -Education Credits

 Marriage

            -Name change on Social Security Card

            -Innocent Spouse Relief

-Divorce or Separations Concerns

First-time Home Owner

            -Mortgage Interest Credit

            -Penalty Free IRA Withdrawals

 Finding A Job

            -Job Search Expenses

            -Business Related Move

 Planning for Retirement

            -IRAs

           -Insurance Protection

 Decedents

           -Asset Protection

          – Estate Tax

 A good tax professional should be able to help you handle the changes these life events present.