Major Life-Changing Events and Your Taxes

Are you putting off life-changing events for these financial reasons?:

  • Lack of savings
  • Difficulty paying bills
  • Paying off credit card debt
  • Concerns about losing a job
  • Worries about the economy
  • Taking care of elderly parents or relatives

Don't let finances stop you from living your life! These major life events could positively change your tax situation and dramatically affect your tax benefits:

Marriage

Children

House

College

Job

Other Life Events That Affect Your Taxes

When you prepare your return on efile.com, we will help determine which events have happened for you during the tax year, so that we can be sure to include any tax savings on your tax return. Any of the events above may also affect your paycheck tax withholdings, so you should review and adjust your W-4 every time your life changes. Even if they do not affect your paycheck, if you qualify for certain tax credits or deductions (i.e. for buying a house), you may still want to update your W4 anyway. Use the FREE efile.com Taxometer to learn how!

Marriage

Getting married will change your life in many ways, including your tax situation and tax benefits:

Divorce will also affect your taxes:

Children

Having a child or otherwise gaining a dependent can qualify you for a number of tax benefits:

House

Once you own a home, many tax benefits become available to you:

College

If you go to college or continue your education after high school, there are tax benefits for you:

Job

Employment is the cornerstone of the economy, and getting a job has many associated tax benefits:

Other Life Events That Affect Your Taxes

Are There Life-Changing Events That Don't Affect My Tax Situation?

Life-related expenses that are not tax deductible include:

  • Burial, funeral, and cemetery expenses
  • Credit card fees (non-business)
  • Home repairs
  • Life insurance premiums (unless part of an alimony payment)
  • Rent payments

Find more expenses that do not qualify as a tax deduction

Still wondering how your life changes will affect your paycheck? Use the FREE efile.com Taxometer to see how to update your tax withholdings!