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5 Major Life Events That Can Impact Your Taxes

Major life milestones – like getting married, having a baby, or switching jobs – are significant events filled with emotion and adjustment. Perhaps your name, address, or employer will change. Or, maybe the size of your family will be impacted. Whatever the situation may be, life events also come with a host of tax implications that will impact how you prepare and file your taxes. Consider these five major life events and some helpful tips that can help to make your taxes less taxing.

1. Getting Married

Getting married means more than changing your name – it also means changes to your tax preparation.

2. Having a Child

There are a number of tax breaks available to help offset the cost associated with raising a child.

3. Death of a Loved One

The death of a loved one is both an emotionally difficult time and a trigger for unique financial and tax considerations.

4. Starting a New Job

No matter the reason, switching jobs can create a number of tax implications to be aware of.

5. Retirement

Most retirement accounts allow money to be invested before taxes. After retirement, however, all of the funds are subject to income tax.

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