Brownfield, Texas
420 W Main St
Brownfield, TX 79316
(806) 637-8556

4 Life Events That Will Impact Your Taxes June 7, 2019

Brownfield, Terry
4 Life Events That Will Impact Your Taxes, Brownfield, Texas

Every day, someone is celebrating a milestone. In the US alone, there are over 6,000 weddings, over 10,000 babies born, and thousands of homes bought—all of which can have a significant affect a person’s life. One element that is, perhaps, not immediately thought about is the impact on someone’s taxes, which is explored in the guide below.

What Occasions Can Change How You File?

1. Becoming a Homeowner

There are a host of money-saving deductions available to those who buy a house—including receiving credit for the interest associated with your mortgage or home equity loan. Additionally, you can also take deductions against your property taxes, whereas before, you were reliant on income tax deductions.

2. Getting Married

After tying the knot, you’ll need to update your filing status on your income tax return. You can select married filing jointly or married filing separately. Each status comes with its own benefits and drawbacks, so talk to an accountant about what is best for your family. You also will need to complete an updated W-4 with your employer. Newly-married spouses should calculate new withholding allowances so the right amount is taken out of their respective paychecks.

3. Having a Child

taxesParents are eligible for tax credits worth $2,000 on each dependent child until they turn 17. Depending on your situation, claiming children on your return can also potentially reduce taxable income by a significant amount.

4. A Spouse’s Death

Married couples who experience the death of a spouse are still required to file a final return in both their names. Estate taxes may also be figured in. These can be complex and often require the expertise of an accountant who specializes in these matters.

 

The accounting office of Donna Sellers, CPA in Brownfield, TX, has helped individuals and business owners by providing professional tax preparation services. For more than 20 years, clients continue to return because the firm has a proven track record of impeccable tax knowledge and personalized attention. If you’ve experienced a major life event or are planning one in the near future, call the office at (806) 637-8556 for customized guidance. You can also go online for details on other services, such as bookkeeping.

Other Announcements, Events and Deals from Donna Sellers CPA
3 Steps to Increase Your Tax Refund, Brownfield, Texas
The best part of doing taxes is hopefully receiving a hefty check when the work is finally complete. That’s why it can be so disappointing to discover your refund is less than e...read more
Work at Home? How This May Change Your Taxes, Brownfield, Texas
Working from home is a dream come true for many people, offering a level of freedom you can’t get in an office. However, this arrangement can make taxes more complicated, especially ...read more
A Newlywed’s Guide to Taxes , Brownfield, Texas
Getting married results in many changes—it can even affect your taxes. And the more you know about these differences, the better chance you will have of avoiding errors and either mi...read more
How Can an Accountant Help Me?, Brownfield, Texas
While the modern age comes with many conveniences to simplify our lives, in many ways, it is just the natural response to an increasingly complex world. For example, taking care...read more