How Changing Jobs Affect Your Taxes?

December 14, 2018

Filing your taxes is extensively tied with your job. This means that it can be confusing to file if you changed job once or twice during the year. You may be happy to hear that the process is actually quite simple. However, you still need to know what you are doing. There are numerous little aspects you need to remember, and forgetting may cost you money at best or get you auditing at worst. It may be a better idea to trust your taxes to Encino tax advisors. You can find Encino tax consultants to handle your filing for you, so you can be more confident in your return.

Things to Remember When Filing

It should go without saying that your income from every job you held during the year is subject to taxation. You can file each of your individual incomes as normal; changing jobs does not affect this aspect. However, there are a few little details that you may forget about. For instance, your severance package is also taxed. If you changed jobs during the year, here is a simple list of things you may need to consider:

• Expenses related to your job search cannot be deducted as of 2018.
• Employers are not required to send you your W-2 form until January 31st, regardless of when employment ended.
• If you sell your home to move to a new job, the gains are subject to taxation.

Simplify Your Taxes

With many different aspects to keep in mind, the simplest solution may be to find Encino tax advisors to handle your filing for you. Los Angeles tax preparation services can give you peace of mind and confidence that no mistakes in filing were made. After all, changing jobs just makes an already-complicated process even more complex. It can be a very appealing option to simply leave your taxes to the professionals.