Tax Tip: Consider Life Changes When Filing Your Return

Life changes. And as it does, so do your tax deductions.

ByABC News
February 26, 2015, 3:52 AM
Consider Life Changes When Filing Your Return
Consider Life Changes When Filing Your Return
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— -- Life changes. And as it does, so do your tax deductions.

When you begin the process of filing your 2014 tax return, consider how your life may have changed last year.

“Marriage, divorce, having children. There are so many different things. Retiring..." New York-based tax accountant Janice Hayman says, naming a few examples.

These changes may affect the number of deductions you can claim.

"The tax professional and the taxpayer need to be in communication with one another about that,” Hayman said.

Even if you had a child or were married as late as December 31, you can still take that deduction for the entire year.

If you want more information on a specific deduction, check out the Internal Revenue Service's website, IRS.gov.

“It’s the best source, the best starting point. If you feel you need more information you can then contact a tax professional who would have access to different tax libraries,” Hayman said.

Checking IRS.gov is easier than calling the agency, since there are often long wait times over the phone.