Life comes at you fast, and when it does, taxes are probably not the first thing on your mind. However, if you’re not prepared for tax changes, you could mismanage your budget. And, as Americans prepare to file individual returns under the new tax bill for the first time in 2019, you could face the double-whammy of a new tax law and new life circumstances that can make for a very different tax filing than you were previously accustomed to.
It’s impossible to say with certainty how much each of life’s big events will increase or decrease your taxes but knowing how your taxes might change can help you be prepared when you file.
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.