Life is constantly changing and your tax considerations change along with it.
When you get married, for example, you might find you suddenly have additional deduction opportunities. Or perhaps your spouse’s previous financial and tax life will add complications and cost you when it comes to taxes.
You’ll also have to reconsider basic tax decisions such as your filing status. And if you have children, the tax issues grow along with your family.
Other lifestyle moves, such as buying a home, starting your own business or adding to your investment portfolio also have corresponding tax consequences.
Even the ultimate change, death, doesn’t necessarily offer an escape from taxes.
In this chapter, Bankrate’s Tax Basics will examine some fundamental life changes, what they could mean for your taxes and ways you can take advantage of various breaks along the way.