Having children, saving for college, buying or selling a home and retirement are just a few of the major life events that will have an impact on your taxes. Make sure you have the information you need to make smart decisions when it comes to your taxes through every stage of your life. Year-round tax planning can help you prepare for these changes while staying on track to achieve your financial goals.
- Am I Having Enough Withheld?
With every paycheck, your employer withholds some of your earnings for taxes. If too much is withheld, you will receive a refund, but the bad news is that you have kept that money out of your pocket and essentially provided the IRS with an interest-free loan during the year. On the other hand, if you owe taxes when you file your return, you may have to scramble to pay what’s due, and you could also owe interest and penalties to the IRS.