{"id":29956,"date":"2023-12-01T18:04:45","date_gmt":"2023-12-01T23:04:45","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=29093"},"modified":"2023-12-01T18:22:58","modified_gmt":"2023-12-01T23:22:58","slug":"8-life-events-that-have-a-major-impact-on-your-taxes","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/8-life-events-that-have-a-major-impact-on-your-taxes\/","title":{"rendered":"8 Life Events That Have a Major Impact on Your Taxes"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Going to college, having a baby and buying your first home are all huge milestones.  You may not realize it but some of the events that take place in your personal life can completely change your tax situation.  Each life changing event can open the door to new tax breaks or money-saving opportunities you didn&#8217;t know existed.\u00a0 Here&#8217;s how some common life events can affect your tax refund or the amount of taxes you owe. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Going to college<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Attending college is part of the American dream.\u00a0 It can help you develop your skills, increase your earning potential, and provide greater job security when you enter the workforce.\u00a0 While going to college has numerous perks, a major drawback is the hefty price tag attached.\u00a0 The good news is that the IRS offers a couple education credits which can help ease the burden.  You can claim the credit for you, your spouse or your dependent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During your first four years of college, your expenses can make you eligible for the American Opportunity Tax Credit (AOTC). You can claim your tuition, fees, books and other related expenses.  The AOTC is worth up to $2,500, forty percent of which is refundable. That means if your credit is more than the taxes you owe, you can receive the remaining credit as a refund.\u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You may also qualify for the Lifetime Learning Credit (LLC) which allows you to claim up to $2,000 of your tuition expenses. You do not have to be pursuing a degree, you can claim the credit for professional development and continuing education courses.  The catch is that you can\u2019t double dip.\u00a0You must choose the AOTC or the LLC.  Don&#8217;t worry, ezTaxReturn can help you make the best choice for your tax situation.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One final note, once you start making payments on your student loans, you\u2019re allowed to deduct up to $2,500 of interest on your tax return. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Getting a new job or a promotion<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Landing your dream job or a promotion is another life event that can affect the amount of taxes you pay.  When you start your new role, you&#8217;ll be asked to complete a <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#form1099r\" target=\"_blank\" rel=\"noreferrer noopener\">Form W-4<\/a>, Employee&#8217;s Withholding Certificate.\u00a0 This will tell your employer how much federal taxes to withhold from your pay.\u00a0 Ideally, you want to check your withholding annually and anytime your personal or financial situation changes.\u00a0 Having too little taxes withheld means you&#8217;ll owe the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#interestincome\" target=\"_blank\" rel=\"noreferrer noopener\">IRS<\/a> at tax time.\u00a0 On the flip side, if you overpay, you&#8217;ll get a refund when you file your tax return.\u00a0 Many people enjoy getting the lump sum of cash, but you&#8217;re missing the chance to bring home a bigger paycheck during the year. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/offers_plan.html\" target=\"_blank\" rel=\"noreferrer noopener\">Pre-Register Now<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-losing-your-job\"><strong>Losing your job<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you <a href=\"https:\/\/staging.eztaxreturn.com\/blog\/how-your-taxes-will-change-if-youre-laid-off-due-to-the-recession\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=majorlife&amp;gid=majorlife\" target=\"_blank\" rel=\"noreferrer noopener\">lose your job<\/a> through no fault of your own, you may qualify for unemployment compensation. This can help you keep the lights on and food on your table while you look for work.\u00a0 However, you may be surprised to learn that collecting unemployment compensation will affect your taxes because it\u2019s considered taxable income. At the end of the year, you\u2019ll receive Form 1099-G showing the amount you received and you must report the information on your tax return. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Retirement contributions and distributions<\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">According to Gallup, the average retirement age in the U.S. is 61.\u00a0 Start planning now, so you can live comfortably when the time comes.\u00a0 If your employer offers a <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#rategain\" target=\"_blank\" rel=\"noreferrer noopener\">401k<\/a>, aim to save 10% to 15% of your income annually.\u00a0 The account is funded with pre-tax dollars, so every dollar you contribute lowers your taxable income by the same amount.\u00a0 As a result, you&#8217;ll pay less taxes when it&#8217;s time to file.\u00a0 Many employers also offer to match a portion of your contributions which will help your savings grow faster.\u00a0 For 2023, workers can contribute up to $22,500 to their 401k.\u00a0 Workers aged 50 or older can also make up to $7,500 in catch-up contributions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes people dip into their retirement accounts early when they&#8217;re strapped for cash.\u00a0This is a bad idea because it will trigger a 10% <a href=\"https:\/\/staging.eztaxreturn.com\/blog\/6-ways-to-avoid-the-ira-early-withdrawal-penalty\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=majorlife&amp;gid=majorlife\" target=\"_blank\" rel=\"noreferrer noopener\">early withdrawal penalty<\/a>. Your best bet is to leave the money alone until you reach age 59 \u00bd or hope that you qualify for an exception.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Walking up the aisle<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of things change when you say &#8220;I do&#8221; and your taxes are no exception.\u00a0 Even if you get married on December 31<sup>st<\/sup>, the IRS considers you to be married for the entire year.\u00a0When you file your taxes, you now have the option of filing a joint return with your spouse or both parties can file separately.\u00a0Keep in mind that filing together is more beneficial because your standard deduction will be higher, and you will qualify for more tax breaks. The 2023 standard deduction for married filing jointly is $27,700 versus only $13,850 for married filing separately.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you have changed your last name, you must notify the Social Security Administration (SSA) before using your new name on your tax return. Otherwise, your return will be rejected.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Giving birth or adopting a child<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Adding a little one to your family is another life event that can have implications on your taxes.  It can open the door to valuable tax breaks and a higher standard deduction.  One of the most popular tax breaks you can claim is the Child Tax Credit. It is worth up to $2,000 per qualifying child and up to $1,600 is refundable. Having a child can also make it easier to qualify for the <a href=\"https:\/\/staging.eztaxreturn.com\/blog\/eitc-awareness-day\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=majorlife&amp;gid=majorlife\" target=\"_blank\" rel=\"noreferrer noopener\">Earned Income Tax Credit<\/a> (EITC).\u00a0Although the EITC was designed to help all low to moderate income workers, having dependents entitles you to a higher credit amount. For tax year 2023, it is worth up to $7,430.\u00a0 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you pay someone to babysit while you go to work, hold on to your receipts.\u00a0Your expenses may make you eligible for the Child and Dependent Care Credit.\u00a0It is worth 20-35 percent of your qualified expenses for a child under 13 years old.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, if you&#8217;re a single parent and paid more than half of the household expenses, you can use the head of household filing status instead of filing single.\u00a0 The 2023 standard deduction for single filers is $13,850 and $20,800 for head of household.\u00a0 Simply changing your filing status can save you $6,950.\u00a0 <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Buying or selling a home<\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Becoming a homeowner is a major accomplishment. If you itemize, you can deduct the interest paid on mortgages up to $750,000.\u00a0 Plus, you can also deduct up to $10,000 combined for state and local taxes, real estate taxes and personal property taxes. The best part is that when you\u2019re ready to sell, your profits may be tax-free. If you have lived in the home for at least two of the last five years, you can exclude up to $250,000 of gains ($500,000 if married filing jointly).<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-becoming-a-caregiver-for-your-aging-parent\"><strong>Becoming a caregiver for your aging parent<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, your parents won\u2019t be young and vibrant forever. At some point you may have to take on the role of caregiver which can take a toll on your finances.\u00a0A study found that caregivers spend more than $7,200 of their own money annually to help a loved one. That\u2019s about 26% of their income.\u00a0The silver lining is that your wallet may find some relief at tax time.\u00a0You can list your parent as a dependent on your return and claim the Credit for Other Dependents.\u00a0It can lower your tax bill by up to $500.\u00a0If you&#8217;re paying for your parent\u2019s medical and dental care, you can itemize and deduct those expenses on your tax return.\u00a0However, you can only deduct the portion of the expenses that exceeds 7.5% of your adjusted gross income.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">ezTaxReturn makes it <strong>fast<\/strong> <strong>and<\/strong> <strong>ez<\/strong> to file your taxes!<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/offers_plan.html\" target=\"_blank\" rel=\"noreferrer noopener\">Pre-Register Now<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">The articles and content published on this blog are provided for informational purposes only. The information presented is not intended to be, and should not be taken as, legal, financial, or professional advice. Readers are advised to seek appropriate professional guidance and conduct their own due diligence before making any decisions based on the information provided.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Going to college, having a baby and buying your first home are all huge milestones. You may not realize it but some of the events that take place in your personal life can completely change your tax situation. Each life changing event can open the door to new tax breaks or money-saving opportunities you didn&#8217;t [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":37047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-29956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8 Life Events That Have a Major Impact on Your Taxes<\/title>\n<meta name=\"description\" content=\"Each life changing event can open the door to new tax breaks or money-saving opportunities you didn\u2019t know existed.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, 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