With twelve weeks left in 2017, now is the time to begin thinking about whether there were major career, life, or career changes in 2017 that would affect the tax liability.
1. Beginning with life changes, did you get married or divorce during the tax year? If you were divorced at the end of the year, you were divorce for the entire year. The filing status would be single or head of household (if there dependents).
If you were married at the end of the year, then you were considered married for the entire year. The filing status for married is married filing jointly or married filing separate.
2. Were there any changes to your dependents? Did you adopt, have a baby, or did your child get out of school and get married during the tax year?
3. Did you have any significant job changes? Did you make significant more money during the ta year? Did you move to a new location further than 50 miles from your previous job? Did you retire? Did you get laid off?
4. Did you purchase a new home? If so, was it financed? Did you sell your previous home? Did you buy a vacation home (including an RV)?
5. Did you start a new business? Did you purchase rental property? Did you convert a primary residence into a rental property? Did you close a business?
6. Did you have any significant gains or losses from the sale from investments?
7. Were there any other significant changes that would affect your income and tax liability?
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- CIRCULAR 230 DISCLOSURE "We are required by IRS Circular 230 to inform you that the advice contained herein (including all attachments) was not intended or written to be used for the purpose of avoiding any penalties that may be imposed under Federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties."
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