13 Life Changes Important To Year End Income Tax Planning


13 Life Changes Important to Year End Tax Planning

13 Life Changes Important to Year End Tax Planning

There are many tax considerations that are important to consider at the end of the year. Personal circumstances that changed during the year as well as what may change next year should be considered in your year end tax planning strategies.

Following are 13 life changes that are important to consider in your year end planning:

1) Birth of a child

2) Child no longer young enough for child credit

3) Child has outgrown the "kiddie" tax

4) Change in filing status such as divorce, marriage or death

5) Changes in medical expenses

6) Casualty and theft losses

7) Moving or relocation of home due to job

8) Employment Changes

9) College and tuition expenses

10) Personal bankruptsy

11) Retirement

12) Business income increases or decreases

13) Inheritance

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