Have you ever thought about how certain life events can affect your taxes? It’s something that a lot of people don’t always consider, but it can be really important.
Getting married, getting divorced, having a baby, losing a spouse, selling your home, retiring, moving to a new state, starting a business, changing jobs, and going back to school… all of these things can have a big impact on your taxes.
If you’re not aware of the tax implications, it could lead to unexpected tax bills or missed opportunities to save on your taxes. So, it’s a good idea to be aware of how different life events can affect your taxes.
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Do you have questions about Tax Implications of Various Life Events? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.