{"id":404,"date":"2023-03-07T15:56:21","date_gmt":"2023-03-07T15:56:21","guid":{"rendered":"https:\/\/www.westevens.com\/blog\/?p=404"},"modified":"2023-03-07T15:56:21","modified_gmt":"2023-03-07T15:56:21","slug":"avoid-these-tax-increase-surprises-2","status":"publish","type":"post","link":"https:\/\/www.westevens.com\/blog\/avoid-these-tax-increase-surprises-2\/","title":{"rendered":"Avoid These Tax Increase Surprises"},"content":{"rendered":"<p>Here are some circumstances to watch for that can raise your tax liability:<\/p>\n<p><strong>New tax laws<\/strong><\/p>\n<p>While the goal of the new legislation is to reduce taxes, there are several changes that could cause you to pay more taxes, including:<\/p>\n<ul>\n<li>Repayment of extra economic stimulus checks.<\/li>\n<li>New taxability of unemployment benefits.<\/li>\n<li>Accounting for any small business loan and grant benefits.<\/li>\n<li>The need to take required minimum distributions once again in 2021.<\/li>\n<\/ul>\n<p><strong>A child is no longer eligible<\/strong><\/p>\n<p>Here are some age requirements for popular tax benefits:<\/p>\n<ul>\n<li>Child and Dependent Care Credit: under age 13<\/li>\n<li>Child Tax Credit: over age 17<\/li>\n<li>Earned Income Tax Credit: under age 19 (24 if a qualified student)<\/li>\n<\/ul>\n<p><strong>Earnings with Social Security benefits<\/strong><\/p>\n<p>If you are newly retired, start collecting Social Security Benefits, and then begin working part-time, these extra earnings could not only make your Social Security benefits taxable, but it could also result in a reduction of benefits received.<\/p>\n<p><strong>Other life events<\/strong><\/p>\n<p>While some life events may have positive tax consequences, like a new birth, or becoming the head of household, others might surprise you and result in additional tax.<\/p>\n<p><strong>Capital gains surprises from mutual funds<\/strong><\/p>\n<p>Often sales of investments are a planned event. Unfortunately, many mutual funds sell assets and then you receive a capital gain statement with a surprise taxable event.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are some circumstances to watch for that can raise your tax liability: New tax laws While the goal of the new legislation is to reduce taxes, there are several changes that could cause you to pay more<\/p>\n","protected":false},"author":2,"featured_media":406,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[14,13],"tags":[],"_links":{"self":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/404"}],"collection":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/comments?post=404"}],"version-history":[{"count":2,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/404\/revisions"}],"predecessor-version":[{"id":407,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/404\/revisions\/407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media\/406"}],"wp:attachment":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media?parent=404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/categories?post=404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/tags?post=404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}