Change is a constant part of life. With each change, adjustments have to be made. Certain changes in our lives puts us in a different tax category or changes how we need to file our taxes. Legally, we may come under different rules and requirements. There are tax advantages or credits that come with some of life’s changes. Below are a few events that can take place in your life where you may need some professional guidance with the filing of your taxes.
As a single person, you filed your taxes as a single individual. Now that you are getting married, will it be cheaper to file a joint tax return or separate tax returns? One spouse may own a business or may quit their job. Are there children involved? A CPA can take all of your circumstances into account. Then they can help you set up your tax returns and finances for your best advantage.
The tax laws allow exemptions when you have a new baby. You will be able to take advantage of certain tax breaks. A CPA can help you understand which exemptions you qualify for and keep you up to date on current laws.