These Situations Could Lead to a Higher Tax Bill This Year
Unless you’ve filed for an extension then the tax deadline is officially upon us. That means you need to get your taxes in pronto, if you still haven’t. While most people hate doing their taxes, they do enjoy the typical reward after the hard work is all done: a nice refund check.
However, there is no guarantee that you will get a refund. In fact, it’s entirely possible that you could end up owing the IRS some money, even if you weren’t expecting to. That’s because there are certain life events and decisions that can end up putting you in the red instead of the black.
For example, if you have started a side business there is a good chance you could end up owing more in taxes than you expected. If you don’t plan ahead and you don’t make any estimated tax payments on that additional income, you will owe some extra money when you report it come tax time.
Getting married or filing for divorce can also impact your tax status greatly. If you change your filing status to married filing jointly, you could end up owing more than you did when you filed as a single. Additionally, when you get divorced you might end up losing some of the deductions you once enjoyed when you were married.
There are several other events in life that could negatively affect your tax bill, including selling your home, withdrawing money from a retirement account, losing your job, winning prize money or receiving an inheritance from someone. The bottom line is, there are several things that can affect your tax bill, so make sure you track everything and be prepared for the worst. As always you can contact us at GROCO for more tax help.
http://www.denverpost.com/2017/04/09/surprise-tax-bill
Could the Wealthy Still Pay Obamacare Tax After Trump Plan Replacement?
Could the Wealthy Still Pay Obamacare Tax After Trump Plan Replacement? It’s now June and the fight over the nation’s healthcare bill is still ongoing. It’s not that lawmakers aren’t trying to get something done that would ultimately replace Obamacare, but as with most things in Washington, it’s a slow-moving process. The House’s first attempt…
New Health Care Plan Could Be a Huge Boost to the Wealthy
New Health Care Plan Could Be a Huge Boost to the Wealthy Out with the old and in with the new. You might say that has been the calling card of the new presidential administration since Donald Trump took office. From immigration reform to healthcare, and from tax reform to federal government budget cuts, the…
What Type of Person Should Every Business Leader Hire?
What Type of Person Should Every Business Leader Hire? As a business leader you have a lot of responsibilities. In fact, depending on your exact position in the company you work for, you might be the one responsible for all the major decisions that have to be made. As an effective and successful leader, you…
Can You Get a Worthwhile Education at an Affordable Price?
Can You Get a Worthwhile Education at an Affordable Price? It’s no secret that getting a college education is expensive. While some students are fortunate enough to earn a scholarship, most students have to find other means to pay for their schooling. Tuition alone is a significant commitment, not to mention all the other expenses…