How Some Life Changes Can Mean Tax Savings

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How Some Life Changes Can Mean Tax Savings
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• If youve recently experienced a big change in
  your life, such as getting married, buying your
  first home or having your first baby, you might
  not know that it can have a positive impact upon
  your taxes. While you might be caught up in the
  newness of your situation (and nobody could blame
  you for that!), your taxes might be furthest from
  your mind, but its important to know that recent
  life changes could save you money when it comes
  to tax time.
• Here are 3 of the most common life changing
  events that many individuals experience at least
  once, along with how they might prove fruitful
  when it comes to filing your taxes

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• Getting hitched
• Once youre married, you and your new partner can
  file your taxes jointly, and there is every
  chance that you may see lower tax liability than
  when you were single. Often referred to as a
  marriage bonus, federal tax rates are lower for
  couples who file jointly, compared to those rates
  applicable for single filers, and bigger tax
  deductions and credits may also be applicable for
  married couples.
• Stepping onto the property ladder
• While buying a new home is often a huge financial
  outgoing for many, it can get you some of the
  largest tax savings, too.

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• Not only can you deduct your home mortgage
  interest and property taxes, but you can also
  deduct the points that you paid to secure the
  loan.
• Adding a new member to your family
• Having a baby can mean that youre eligible for
  new tax deductions and credits, such as the child
  tax credit and childcare credit. So, while there
  are many costs associated with adding a new
  member to your family, the tax savings that you
  may be entitled to, could help you manage your
  finances better.

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• Depending upon the type of life change youve
  recently experienced, your emotions may be all
  over the place, and taxes could easily be the
  last thing on your mind. However, while this is
  understandable, its important to think carefully
  about whether you can make any savings on your
  taxes due to your new personal circumstances. If
  youre unsure whether you might qualify for tax
  savings, or simply want to discuss what the IRS
  need to know about a recent life changing event,
  reach out to an experienced tax professional who
  can help guide you through any new processes that
  might apply to you, and advise you as to any
  relevant tax savings.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services Miami Beach.
  If you are looking for individual tax preparation
  in Miami Gardens, Heyer Associates would be a
  right option.