With life, situations change and they come with certain tax implications.
One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well.
Here are some examples.
1. Tying the knot
Getting married is a big step in everyone’s lives. Along with getting married, you now are able to file jointly which should lower your tax rate. For the 2018 tax year, your standard deduction is now $24,000. With that in mind, don’t forget to update your allowances (Form W-4) at your job. (more…)
Unfortunately, education isn’t free for some students.
If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school.