Everything you do can have tax implications. If you change jobs, it can affect your total income, either up or down depending on the new job. Marriage, divorce, birth of a child, adoption, or the death of a spouse will change your tax situation. If you sell your home, you may be subject to capital gains tax. Don’t panic on this item, the gain can be deferred. Starting a small business while keeping your job can be a boost to your income but remember, you are respnsible for self-employment and medicare tax on your profits. Should you quit your job to make that small business a full time venture, make sure you have six to nineĀ  months living expenses in savings so you can build your business even further without scrambling to pay monthly bills.

Please feel free to call me if you have any questions pertaining to these items. I am happy to help! 317-989-2708

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