Monday, May 23, 2011

Tax Planning for Life's Major Events

Excerpt from Tax Planning for Life's Major Events

The voluminous Internal Revenue Code now reaches into nearly every nook and cranny of our lives, from cradle to grave. A newborn brings tax breaks to his or her parents; death brings a series of tax repercussions; and the IRS has something to say about almost everything in between. After all, the tax bill you owe each spring is based on the saving, investing, spending, business and other personal decisions you make during the year.

As your life changes, so does the set of tax rules that affect you. That's why this compendium of life events is so important -- to alert you to new opportunities to embrace and pitfalls to avoid as your life as a taxpayer evolves.

The fact that federal income taxes are among most families' biggest annual expenditures trumpets the importance of tax planning. Shake off any notion that this is a game for the wealthy. Instead, draw your inspiration for this comment from a high-priced tax attorney: "The best and finest tax planning is done by people who have more money than they'll ever spend or be able to give away. The worst tax planning is done by nice middle-class people who have middle-class virtues, those who have to work hard and save and sacrifice." Tax planning will save you money. We're here to help.

Visit this article online to learn more about tax planning for the following major life events:
- Graduating from college
- Getting your first job
- Getting married
- Birth of a child
- Buying your first home
- Sending your child to college
- Changing jobs
- Working at home
- Selling your home
- Buying a second home
- Getting hit with a major illness or injury
- Getting divorced
- Retiring
- Death of a spouse

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