Now, as the income tax filing deadline approaches, those life changes may bring a new wave of surprises for U.S. taxpayers.
If your income changed, or if you made money in the stock and cryptocurrency boom, you may find a larger-than-usual tax bill. If you welcomed a new child or had major medical expenses, you might qualify for new breaks.
Whatever your situation, it may take longer than you expect to gather information and understand provisions that may not have applied to you before.
"Take nothing for granted. Question everything. Don't make assumptions, even about your own situation," says Akeiva Ellis, a certified public accountant and certified financial planner in Waltham, Massachusetts.
IF YOU JOINED THE GREAT RESIGNATION
Through November, an average of 3.9 million people quit their jobs each month of 2021, according to the Society for Human Resource Management. That's the highest number since the federal government began publishing the data in 2000.
How a career change affects your taxes depends in part on why you left.
IF YOU GOT A NEW JOB: You'll get W-2 forms from each employer, and the combined pay reported on those will help you calculate your total income for the year. It's pretty straightforward, as long as you withheld the correct amount.
IF YOU STARTED WORKING FOR YOURSELF: People who became their own bosses will have to pay self-employment taxes; the federal rate is 15.3%.
This story is from the February 26, 2022 edition of Techlife News.
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This story is from the February 26, 2022 edition of Techlife News.
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