Monitoring Your Clients' Life Changes | AccountingWEB

Monitoring Your Clients' Life Changes

A survey of more than 1,000 taxpayers found that 55 percent of Americans don't know about or won't claim credits and deductions triggered by some of life's most celebrated events.

The survey by H&R Block reveals that more than half of taxpayers whose life situation changed last year through marriage, having a baby, buying a home or changing jobs remain unaware of major tax benefits available to them.

For example, 62 percent of respondents didn't know the Child Tax Credit is worth $1,000 per child.

"When you have a baby or get married, it makes sense to think about how those changes affect your finances," said Jackie Perlman, Block tax professional. "We've found that many Americans aren't aware of the tax benefits that go along with transitioning to new stages in life. Not claiming the benefits costs them significant savings in the long run."

First-time homeowners, newlyweds, those with newborns, and other taxpayers who have more complex financial situations tend to file later in the tax season and are more likely to ask for expert advice and counsel in preparing their tax return.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.