What are tax deductions for life-changing events? As your life changes, so will how you prepare your taxes. Before the April 15th deadline, ask yourself: how has my life changed over the last year?
These eight milestone events can make an impact on your taxes:
1. Did you lose your job? Job loss expenses might be tax deductible.
2. Did you search for a new job? Turn job search expenses into tax deductions.
3. Did you get married? Marriage may actually save you money on taxes.
4. Did you get divorced or separated? This might also affect your tax return.
5. Did you have a child? Children or other dependents can mean tax credits and deductions.
6. Did you adopt a child? Adoption expenses are generally not deductible, but you might qualify for the Adoption Tax Credit.
7. Did you purchase a home? Find information about homeowner tax deductions.
8. Did you start a business? Consider going to a tax professional who can guide you through the filing process as a new business owner. One of the first steps you’ll take is deducting the startup costs of your business.
If you have questions, or need help with your tax return, give us a call.