How Your 2016 Life Events Can Impact Your Tax Return

Major life milestones like buying your first home or sending your child to college can impact your tax filings. Here's how those exciting events can affect your tax return. (Information source: IRS)

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If you took a trip down the aisle in 2016, you and your spouse can choose to file either jointly or separately. According to the IRS, most couples find that their income tax liability is lower if they file jointly.
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Buying your first home is a big step. Your property purchase allows you to deduct your mortgage interest and property taxes from your income.
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The IRS offers various ways to offset the cost of education. For instance, the tuition and fees deduction allows qualifying students and parents to deduct up to $4,000 worth of tuition and expenses. You can find out about the other credits at irs.gov.
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Having a child allows you to claim them as a dependent, which saves some of your income from tax. Your new addition can also qualify you for the child tax credit. The maximum amount you can claim for the credit is $1,000 for each qualifying child, according to the IRS. There are also credits available for child care and those who adopt.
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If you started a new job in 2016, you may be able to deduct both your job search and the cost of relocating. It's possible you can get a small tax break for costs incurred while searching for a new job, including the costs of travel and lodging.
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