What you should do
Plan for the tax implications of your home purchase when you’re budgeting for your house payment. If you’re already itemizing your deductions, the additional mortgage interest and real estate taxes you pay will lower your tax bill, which might allow you to bump up your house budget. However, if you’re not paying a lot for a home, the increased standard deduction might mean you won’t receive any extra tax benefits from owning because you won’t itemize.
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2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.