{"id":1805,"date":"2016-04-11T16:06:28","date_gmt":"2016-04-11T16:06:28","guid":{"rendered":"https:\/\/blockadvisors.com\/?p=1805"},"modified":"2025-01-24T13:19:02","modified_gmt":"2025-01-24T19:19:02","slug":"life-changes-need-year-round-tax-service","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/","title":{"rendered":"Life Changes and the Need for A Year-Round Tax Service"},"content":{"rendered":"

You might think your job with taxes is done after you file a return, but you are wrong. Life events have a significant tax impact. From getting married and having a baby, to changing jobs and retiring, common life events can catch you off-guard if you are not prepared.<\/p>\n

Here are common life event that may spur the need for year-round tax service:<\/p>\n

Relationship Changes<\/h3>\n

Whether you recently have gotten married or divorced, your legal relationship status has tax implications. For example, if you recently got hitched, you must switch your state and federal status from \u201csingle\u201d to \u201cmarried\u201d. Depending on your and your spouse\u2019s income, this change may offer tax advantages. For example, if you and your spouse have disparate income levels, your tax bracket could potentially be lower than when you were single. Additionally, joint filers may benefit from higher phase-out thresholds for credits and deductions like the Earned Income Tax Credit, Child Tax Credit, Child and Dependent Care Tax Credit, and educational tax credits. While these credits are available to single filers as well, the phase-out thresholds are higher for joint filers, which benefits\u00a0married couples with disparate income levels.<\/p>\n

On the other side of the fence there is divorce. Divorcing means that you will now file a solo tax return, yet you need to make sure that your dependent exemptions, credits, and deductions are properly divided between you and your former partner.<\/p>\n

If you are unmarried, divorced or legally separated, you may think that you can only file your return as single. However, if you have dependents, you may be able to file as head of household. That means you will be in a lower tax bracket and your standard deduction will increase. Here are some cases when you may need a year-round tax service:<\/p>\n

Having a Child<\/h3>\n

First comes love, then comes marriage, then comes the baby in the baby carriage, right? Well, if your life has taken a similar journey know that after having a baby (or adopting) you have to be mindful of the tax implications.<\/p>\n

As a new parent, you can claim your baby as a dependent and receive the Child Tax Credit if you meet specific income requirements<\/a>. You might also qualify for the Earned Income Tax Credit<\/a> (EITC), a credit designed to reduce the burden associated with Social Security taxes to low- to middle-income earners.<\/p>\n

Buying a House<\/h3>\n

If you buy a house, several tax deductions like home mortgage interest and real estate taxes are at your fingertips. Your home may be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities. Read this<\/a> to learn how you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs and what you can and cannot deduct on your tax return.<\/p>\n

Changing Jobs<\/h3>\n

Changing jobs creates complexity and the need for year-round tax services as well. You need to consider withholding status, unemployment payouts, and even the tax impact of a job loss or relocation. For example, you may be able to deduct moving expenses from your overall income.<\/p>\n

All in all, take the time to go over the instructions for the W-4 form you’re asked to fill out for your new employer. The number of “allowances” you claim determines your income tax withholding, which will impact your year-end tax situation. New eligibility (or loss of eligibility) for employee benefits such as health insurance and retirement plans can also affect your overall tax situation.<\/p>\n

Retiring<\/h3>\n

If you are settling into your golden years there are a number of tax considerations. For example, distributions from Traditional IRAs and 401(k)s are generally taxed as regular income, so you will pay taxes, while Roth IRA and Roth 401(k) distributions are tax-free. And, if you choose to tap your retirement account before age 59 \u00bd, you may be subject to a 10 percent early withdrawal penalty.<\/p>\n

How Can You Stay Prepared and Organized?<\/h3>\n

No matter what major life change you are experiencing, there is likely to be tax implications. If you aren\u2019t sure how your next milestone will affect your overall financial picture, reach out to a Tax Advisor for more information. Our expertise is in \u00a0year-round tax services and helping you understand how tax fits in to your overall financial picture.<\/p>\n

Make an appointment<\/a> at a Block Advisors office near you now!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

You might think your job with taxes is done after you file a return, but you are wrong. Life events\u2026<\/p>\n","protected":false},"author":1,"featured_media":1170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-1805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-services"],"acf":[],"yoast_head":"Life Changes and the Need for a Year-Round Tax Service<\/title>\n<meta name=\"description\" content=\"You may think your job is done after you file your yearly taxes. For a lot of people, this is not the case. Learn why you may need a year-round tax service.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Changes and the Need for A Year-Round Tax Service\" \/>\n<meta property=\"og:description\" content=\"You may think your job is done after you file your yearly taxes. For a lot of people, this is not the case. Learn why you may need a year-round tax service.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/\" \/>\n<meta property=\"og:site_name\" content=\"Block Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-11T16:06:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2015\/05\/why-you-need-a-financial-professional-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Block Advisors\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Block Advisors\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/\"},\"author\":{\"name\":\"Block Advisors\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#\\\/schema\\\/person\\\/9e395583ef85baefd555557c6bd94ed9\"},\"headline\":\"Life Changes and the Need for A Year-Round Tax Service\",\"datePublished\":\"2016-04-11T16:06:28+00:00\",\"dateModified\":\"2025-01-24T19:19:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/\"},\"wordCount\":746,\"publisher\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/why-you-need-a-financial-professional-2.jpg\",\"articleSection\":[\"Tax Services\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/\",\"url\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/\",\"name\":\"Life Changes and the Need for a Year-Round Tax Service\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/why-you-need-a-financial-professional-2.jpg\",\"datePublished\":\"2016-04-11T16:06:28+00:00\",\"dateModified\":\"2025-01-24T19:19:02+00:00\",\"description\":\"You may think your job is done after you file your yearly taxes. For a lot of people, this is not the case. Learn why you may need a year-round tax service.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#primaryimage\",\"url\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/why-you-need-a-financial-professional-2.jpg\",\"contentUrl\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/wp-content\\\/uploads\\\/2015\\\/05\\\/why-you-need-a-financial-professional-2.jpg\",\"width\":1600,\"height\":1067,\"caption\":\"tax and financial advisor\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/tax-services\\\/life-changes-need-year-round-tax-service\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Life Changes and the Need for A Year-Round Tax Service\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#website\",\"url\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/\",\"name\":\"Block Advisors\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#organization\",\"name\":\"Block Advisors Tax Preparation and Planning Advice\",\"url\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/schema-logo.png\",\"contentUrl\":\"\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/schema-logo.png\",\"width\":281,\"height\":79,\"caption\":\"Block Advisors Tax Preparation and Planning Advice\"},\"image\":{\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/resource-center.blockadvisors.com\\\/#\\\/schema\\\/person\\\/9e395583ef85baefd555557c6bd94ed9\",\"name\":\"Block Advisors\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/43dec3f271c4637a2b74ecb2043bc88bb208fa84468cac05239b7530aeaea351?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/43dec3f271c4637a2b74ecb2043bc88bb208fa84468cac05239b7530aeaea351?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/43dec3f271c4637a2b74ecb2043bc88bb208fa84468cac05239b7530aeaea351?s=96&d=mm&r=g\",\"caption\":\"Block Advisors\"}}]}<\/script>","yoast_head_json":{"title":"Life Changes and the Need for a Year-Round Tax Service","description":"You may think your job is done after you file your yearly taxes. For a lot of people, this is not the case. Learn why you may need a year-round tax service.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/","og_locale":"en_US","og_type":"article","og_title":"Life Changes and the Need for A Year-Round Tax Service","og_description":"You may think your job is done after you file your yearly taxes. For a lot of people, this is not the case. Learn why you may need a year-round tax service.","og_url":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/","og_site_name":"Block Advisors","article_published_time":"2016-04-11T16:06:28+00:00","og_image":[{"width":1600,"height":1067,"url":"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2015\/05\/why-you-need-a-financial-professional-2.jpg","type":"image\/jpeg"}],"author":"Block Advisors","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Block Advisors","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#article","isPartOf":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/"},"author":{"name":"Block Advisors","@id":"https:\/\/www.blockadvisors.com\/resource-center\/#\/schema\/person\/9e395583ef85baefd555557c6bd94ed9"},"headline":"Life Changes and the Need for A Year-Round Tax Service","datePublished":"2016-04-11T16:06:28+00:00","dateModified":"2025-01-24T19:19:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/"},"wordCount":746,"publisher":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/#organization"},"image":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#primaryimage"},"thumbnailUrl":"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2015\/05\/why-you-need-a-financial-professional-2.jpg","articleSection":["Tax Services"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/","url":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/","name":"Life Changes and the Need for a Year-Round Tax Service","isPartOf":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#primaryimage"},"image":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#primaryimage"},"thumbnailUrl":"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2015\/05\/why-you-need-a-financial-professional-2.jpg","datePublished":"2016-04-11T16:06:28+00:00","dateModified":"2025-01-24T19:19:02+00:00","description":"You may think your job is done after you file your yearly taxes. For a lot of people, this is not the case. Learn why you may need a year-round tax service.","breadcrumb":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#primaryimage","url":"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2015\/05\/why-you-need-a-financial-professional-2.jpg","contentUrl":"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2015\/05\/why-you-need-a-financial-professional-2.jpg","width":1600,"height":1067,"caption":"tax and financial advisor"},{"@type":"BreadcrumbList","@id":"https:\/\/www.blockadvisors.com\/resource-center\/tax-services\/life-changes-need-year-round-tax-service\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.blockadvisors.com\/resource-center\/"},{"@type":"ListItem","position":2,"name":"Life Changes and the Need for A Year-Round Tax Service"}]},{"@type":"WebSite","@id":"https:\/\/www.blockadvisors.com\/resource-center\/#website","url":"https:\/\/www.blockadvisors.com\/resource-center\/","name":"Block Advisors","description":"","publisher":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.blockadvisors.com\/resource-center\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.blockadvisors.com\/resource-center\/#organization","name":"Block Advisors Tax Preparation and Planning Advice","url":"https:\/\/www.blockadvisors.com\/resource-center\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.blockadvisors.com\/resource-center\/#\/schema\/logo\/image\/","url":"\/wp-content\/uploads\/2020\/12\/schema-logo.png","contentUrl":"\/wp-content\/uploads\/2020\/12\/schema-logo.png","width":281,"height":79,"caption":"Block Advisors Tax Preparation and Planning Advice"},"image":{"@id":"https:\/\/www.blockadvisors.com\/resource-center\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.blockadvisors.com\/resource-center\/#\/schema\/person\/9e395583ef85baefd555557c6bd94ed9","name":"Block Advisors","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/43dec3f271c4637a2b74ecb2043bc88bb208fa84468cac05239b7530aeaea351?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/43dec3f271c4637a2b74ecb2043bc88bb208fa84468cac05239b7530aeaea351?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/43dec3f271c4637a2b74ecb2043bc88bb208fa84468cac05239b7530aeaea351?s=96&d=mm&r=g","caption":"Block Advisors"}}]}},"_links":{"self":[{"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/posts\/1805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/comments?post=1805"}],"version-history":[{"count":0,"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/posts\/1805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/media\/1170"}],"wp:attachment":[{"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/media?parent=1805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/categories?post=1805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.blockadvisors.com\/resource-center\/wp-json\/wp\/v2\/tags?post=1805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}