Whether you got married this year or you are purchasing your first home, changes experienced in your life can bring about many questions and uncertainties. Although you may have questions about how life events affect you, one thing is certain, your crazy, ever-changing life, can save you money on your taxes.
Don’t worry. TurboTax has you covered. We are excited to give you a sneak peek into a new offering we are launching this tax season – TurboTax Live!
Now, with TurboTax Live, an experienced CPA or EA will review your tax return by hand and give you the approval to file, ensuring you’re getting the most money possible and your taxes are done right. Whether it’s personal or business taxes, including complex situations, TurboTax Live has you covered. Get the best outcome possible and feel confident with our *100% Accuracy Guarantee.
Our expansive network of trusted CPAs and EAs are available to help you navigate through your life changes, as often as you need, year-round.
Did you get married this year? Purchase your dream home? Have a baby? Or have another life change? Here are just a few life changes that can put more money in your pocket at tax time:
Getting married. Did you finally marry your bae this year or are you considering it? I know weddings cost a bundle and can really set you back, but one perk of getting married is you could now see some bigger tax benefits than when you were single. Now that you tied the knot, you and your loved one can file your taxes as married filing jointly and may see lower tax liability than when you were single. Because there are lower federal tax rates for couples who file married filing jointly compared to filing as single, most married couples will see tax savings or a “marriage bonus”. You will also see bigger tax deductions and credits now that you can file as married filing jointly like, personal exemptions for both you and your spouse at $4,050 each, a bigger standard deduction of $12,700 for married filing jointly instead of $6,350 for single, and an Earned Income Tax Credit of up to $6,318 with three kids if you are married filing jointly. Even if you get married on December 31 of this year, you are considered married all year and can reap the rewards of being married.
Buying a new home. Homeownership is a big and rewarding life change that is also one of the biggest tax savings people see. Your mortgage and property taxes can really break the bank, but if you purchased a home this year or you are considering it, you can deduct your home mortgage interest and property taxes. Also, don’t forget the points you paid to secure the loan can also be deducted.
Having a baby. Did you have a baby this year? If so, congratulations on your new addition to the family. Combined with all the joy and excitement of your new baby you may be trying to figure out how you’re going to pay for the costs of supporting your baby. Well, fortunately, along with your new baby, your family is now eligible for new tax deductions and credits as well. Some of the tax benefits you will receive for having a baby are the dependent exemption of $4,050 per dependent, the child tax credit of $1,000, and the Earned Income Tax Credit worth up to $3,400 with one child and up to $6,318 with three or more kids. You can see why your new baby can be considered your biggest little tax deduction.
TurboTax Live can help you feel confident your taxes are done right and save you money through life’s transitions. Life transitions can feel like many things at once: exciting, emotional, confusing, hopeful and often expensive. On the bright side, expensive life moments often bring big tax benefits and TurboTax Live CPAs and EAs will be by your side so you are not alone and you can feel confident your taxes are done right and you are getting the maximum tax refund you deserve through life’s transitions.
Want to get a sneak peek of the new TurboTax Live as soon as it’s available? Click here to sign up!
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