If you are concerned that your spouse or ex-spouse has been untruthful on your joint tax return, for example, by failing to report earnings accurately or by claiming false deductions, you could be eligible for Innocent Spouse Relief.
HAVING A BABY
Get a Social Security number for your new baby to include on your return in order to get the Child Tax Credit. If you make up to $200,000 as an individual or $400,000 jointly, you earn a $2,000 credit per qualifying dependent.
If you or other family members plan to fund a 529 child savings account to start saving up for college, the new tax law also allows for up to $10,000 per year to be used for K-12 educational expenses under certain conditions. And you could be eligible for the Child Care Tax Credit up to $3,000 for one dependent or $6,000 for two or more.
BUYING A HOME
Mortgage interest paid on a primary or secondary residence can be deducted on your taxes as long as the original principal on the loan was less than $750,000 in 2018. If you initiated the mortgage before December 15, 2017, you can deduct this interest up to $1 million.
If you get a large inheritance or you’re starting to acquire major assets, such as your first home or business interests, a reputable tax professional can help you develop a strategy for how to best manage those assets into the future. It’s never too early to put together a plan for how to grow your wealth and manage taxes.