Some are still wrestling with this year’s taxes and others should start thinking about how events in your life will impact next year’s tax burden. Here’s an excellent Wall Street Journal piece on tax consequences related to major life changes:
“What was new in your life last year? Did you get married or divorced, or adopt a child? Did your parents move in—or your adult child? Did you lose a house to a storm? These and other major events often have tax consequences people are unaware of—precisely because they are unusual, unlike, say, deducting donations. And with big tax increases taking effect this year, it is all the more important for taxpayers to seize any break they can. Still, many overlook big potential savings.”
If you have any questions or would like to know if your situation could result in a change in your taxes please contact the First National Bank & Trust of Newtown at email@example.com or call 215-860-9100 to talk.