Your Year In Financial Milestones

YOUR FINANCIAL YEAR IN MILESTONES A lot of big life changes can happen in a year – whether you're looking for a new job or planning to have a baby, it pays to be smart about how each transition will affect your financial status. Here's how you can save more money and earn better tax advantages in 2014. Getting Married When you finally tie the knot, don't let love sickness distract from smart planning. At least 80% of Americans will get married eventually 1in couples pay for their own wedding receptions MILESTONE TIPS Claim some expenses as charitable donations by: Holding your wedding at a museum, church, or public park Donate decorations or your wedding dress File jointly to be eligible for: Child care credits Education credits Earned Income Tax Credit Scoring a New Job Make your latest career move a financial windfall. 4.4 YEARS: The time today's average worker will spend at any given job MILESTONE TIPS What's taxable: What's tax-deductible: RESUME Unemployment compensation Expenses incurred while seeking a job in the same line of work Severance pay Moving costs, depending on distance Having a Baby Children aren't cheap - but tax breaks definitely reduce your overhead. 1 baby is born every 8. seconds in the U.S MILESTONE TIPS Tax benefits you can claim once your child is born: Earned Income Tax Credit Credit for Child & Child Tax Credit Dependent Care UP TO 35% of qualifying expenses Nonrefundable credit of up to $1,000 PER CHILD UP TO $3,250 in 2013 You can also claim a $3,900 exemption per child (2013 taxes) Buying a Car 11 UP 15.6 MILLION 7.6% new vehicles were sold in the U.S. in 2013 from 2012 MILESTONE TIPS Earn a federal income tax credit of up to for buying: $7,500 An electric vehicle A plug-in hybrid vehicle DONATE YOUR OLD CAR TO CHARITY You can deduct the amount for which the charity sells the car (not the Blue Book value) With every milestone in life come new financial challenges - and opportunities. Taxes are just a story of your year, so you're the best person to do your taxes in 2014! TurboTax will walk you through all the tax credits and deductions you deserve. New York Times | Houston Chronicle | Forbes | DailyFinance | Kiplinger| IRS | US Census | Huffington Post| Bankrate | Motor Intelligence | FuelEconomy.gov| the nest TurboTax.V