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Life changes and tax savings: How our Tax Planner helps you keep more of your money

Big life moments—whether it’s getting married, buying your first home, or welcoming a new baby—come with plenty of joy. But they can also bring new tax benefits you might not have thought about, and knowing how to use them can put some extra money back in your pocket.

Our Tax Planner is here to make sure you’re making the most of these opportunities, guiding you through each step, from estimating your refund to finding the right deductions. Here’s a look at how it can help through some of life’s biggest milestones.

Getting married often changes more than just your day-to-day life—it can also open up new ways to save on taxes. Here’s a look at some things to keep in mind: 

• Filing Status: Now that you’re married, you’ll decide whether to file jointly or separately. Joint filing usually offers more tax benefits, like a higher standard deduction.
• Marriage Tax Credit: Some states offer a special credit for newlyweds—it’s worth checking if yours does!
• Joint Deductions: With joint filing, you can combine deductions for things like mortgage interest, medical costs, and charitable donations. Together, these can add up to a more sizable refund.

With our Tax Planner, you can figure out which filing status might give you the biggest refund and see how to get the most out of your combined deductions.

Bought a home? Claim your homeowner deductions

Becoming a homeowner is a huge milestone, and it comes with some helpful tax benefits. Here’s what might apply:

• Mortgage Interest Deduction: Interest paid on your mortgage can be deducted. This is especially useful in the early years of a mortgage when payments lean toward interest.
• Property Taxes: Property taxes can also be deducted, which helps reduce taxable income.
• Energy-Efficient Home Improvements: If you’ve added eco-friendly improvements, you may qualify for tax credits on those as well.

Our Tax Planner can guide you through claiming these deductions so that you can get the most out of your new status as a homeowner.

Our Tax Planner can guide you through claiming these deductions so that you can get the most out of your new status as a homeowner.

Welcomed a baby? Don’t miss these credits

Having a child is one of the most joyful moments in life—and it also opens up some of the most valuable tax credits out there. Here’s a quick look at some key tax breaks:

• Child Tax Credit: For 2023, this credit is worth up to $2,000 for each qualifying child under 17, which can directly lower your tax bill.
• Child and Dependent Care Credit: If you’ve paid for childcare to work or search for work, you can claim a percentage of qualifying childcare expenses, up to $8,000.
• Earned Income Tax Credit (EITC): Depending on your income, the EITC provides extra tax relief for working families.

Our Tax Planner makes it easier to calculate the full value of these credits so you can make sure you’re getting the support you qualify for.

Experiencing other life changes?

Outside of marriage, homeownership, and having kids, other big life changes may also affect your taxes. For instance:

• Starting a Business: New entrepreneurs can deduct certain startup costs, home office expenses, and equipment purchases.
• Relocating for Work: While moving expenses aren’t typically deductible, active-duty military members may still qualify.
• Paying for Higher Education: Tax credits like the American Opportunity Credit or the Lifetime Learning Credit can offset tuition and related expenses.

Our Tax Planner can guide you through any of these situations, helping you identify deductions and credits that apply to your unique circumstances.

How our Tax Planner can make a difference

Each life milestone brings opportunities for tax savings, but it can be easy to miss a few. Our Tax Planner is here to make that process easier by helping you:

• Estimate Your Refund: Get a sense of what to expect when tax season arrives.
• Maximize Deductions: Our tool guides you through the deductions and credits you’re eligible for based on your life stage.  
• Prepare for Filing: By planning ahead, you’ll avoid last-minute surprises and ensure you’re fully prepared when it’s time to file.

Life’s big moments are worth celebrating, so make sure you’re capturing every bit of tax relief along the way. Start using our Tax Planner to see how these benefits can add up for you.

Maximize your refund with the Tax Planner

Whether you’ve gotten married, bought a home, or had a baby this year, make sure you’re taking full advantage of the tax benefits that come with these milestones. Our Tax Planner is designed to help you estimate your refund, capture all eligible deductions, and prepare for a stress-free tax season.

Start planning today to make sure you get the biggest refund possible!