|Posted on September 23, 2015 at 8:00 PM|
Besides leaves turning color and falling, Autumn signals that the year is winding down. You still have time to correct your tax situation, which can save you time and money in 2016 and may even get you more in your paycheck through the end of the year.
The IRS describes "Certain Life Events" that may trigger "Significant Tax Impact". Most people know about the Birth of a Child, but what about your child having more than $1,600 in Investment Income which can have an negative impact on your taxes. Marriage, Divorce, Separation, and the effects of the new Health Care Laws are very common. Did you lose your job or have you started a new job, did you have to move to start this job, did that make you a first time home owner, or did it result in a Bankruptcy or settling Debts. Did you receive a distribution from a Mutual Fund, sell stocks or bonds, receive money or property from an estate? Did you start or end a business? Did you suffer from a disaster or casualty loss, are you a person with disabilities, or have you accelerated your Retirement Planning?
Do yourself a favor and talk to your tax advisor before the end of the year. Increasing your withholding or estimated tax payments may be an easy payment solution to a future tax issue.