Jessica Haymond

The amount of tax that you are liable to pay to the Internal Revenue Service (IRS), the government agency tasked with collecting taxes, varies with your level of income. But your tax liability is also influenced by several other factors. Getting married may reduce the amount of tax that needs to be paid. Similarly, if you have a baby, you could claim certain tax benefits. Outlined below are brief descriptions of several, common major life events and how they may affect your tax liability:

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