Tax season may range from only late January to mid-April for many Americans, but there are those who could still be sending in their returns. If you have an extension, then tax paperwork isn’t due until mid-October but that doesn’t keep life from happening around you. In the event you endure any life-changing event, then it could be that your tax return will be impacted for the forthcoming year.
It’s important to remember, taxes are filed in the current year for any income or other impactful occurrences from the year prior. It is here where taxpayers may take note of any major life changing events which could have an impact on their taxes. Planning is year round and individuals should be aware of these critical life events which may have an impact on their tax filing status or return.
If at any point during the year you are married - even New Year’s Eve - then next year’s filing must either be together or with a married filing individual status. For those who may be engaged, remember to consider the tax implications prior to setting a date for tying the knot.
Loss of A Spouse
If you are married, but unfortunately lose a significant other during the year then it is likely to trigger a filing status change. Just as when getting married made most jump from filing individually to a joint return, death can cause the opposite.
Getting A Divorce
Likewise, if a couple has been filing jointly for some time while married then getting a divorce can also have an impact on your return. The allocation of any dependents can also come into play when having to file a return following a divorce.
Gaining A Child
Adding to your family will also cause a change from any previously filed returns. Having a dependent can trigger certain credits and potential deductions which can help to reduce the amount of tax owed on any earnings throughout the year.
Finally, if you’ve recently changed jobs, been awarded a promotion, or lost work, then an income variance may be in order from last year’s tax return. Depending on other factors, the changes may be obvious or far less noticeable but being able to understand how more or less taxable income being reported could have an impact is important.
If ready to file your taxes or if you have any other related questions - then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!