FIVE MAJOR LIFE EVENTS THAT CAN AFFECT YOUR TAX BILL!
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 the past year, it may be a good time for some tax planning.
Retirement. Retirement income, social security, and other investment income will change your tax situation dramatically. It is very important to sit down with your tax adviser prior to retirement as we can structure a tax strategy just for you.
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.
The Tax Filing Deadline is approaching quickly, if you have family, friends, or colleagues that can use our services we would love the referral. Please give us a call today at 248-360-6400