When we experience a major life change, taxes are not usually the first thing most of us think of. Nonetheless, many life changes can have a big impact on your tax liability. That’s why it’s a good idea to consult with a tax expert when your life situation changes.
What Kind of Changes Are We Talking About?
Life is always changing, right? So what kind of “life changes” are we talking about in connection with taxes?
In general, if a change in your situation will affect your filing status or household makeup in some way, it’s something you should talk to a tax pro about. Some examples include:
- Getting married
- Getting divorced
- Having or adopting a child
- Buying or selling a house
- Changing jobs
When Should I Talk to a Tax Pro?
If you know that you have a big life change coming up, it’s a good idea to reach out to a tax expert ahead of time. Obviously, life sometimes happens before you have a chance to plan. Either way, coordinating with a tax pro before it’s time to file is a positive move. That way, you’ll be prepared for any increases or decreases to your tax liability and can make informed decisions regarding your finances throughout the year.
For expert tax guidance in Orlando, reach out to the team at Price Advantage Accounting Our professionals are on hand to help you navigate changes to your tax situation. Give us a call today to find out how we can help you make informed tax decisions year-round!