Discover 3 Easy Ways to Increase Your Tax Return and Reduce Costs (Photo: consumerfinance)
Discover Easy Ways to Increase Your Tax Return and Reduce Costs
Tax season is approaching, but you can still improve your return. Taking a few simple steps might net you thousands in tax benefits. You may easily make these adjustments at home. From increasing retirement contributions to energy-efficient improvements, learn how to reduce taxes and maximize savings for the new year.
MAX OUT RETIREMENT CONTRIBUTIONS: Maximize retirement contributions to boost your tax refund. 401(k) contributions are tax-deductible up to $22,500 in 2023. Over-50s can make $30,000 “catch-up” contributions. To save nearly $5,000 on taxes, make the maximum gift.
GO GREEN: The 2022 Inflation Reduction Act gives homeowners big incentives for energy-efficient improvements. Tax credits and refunds are possible with $369 billion for energy security, climate change, and the federal deficit. Electric vehicles, solar panels, and other energy-efficient home modifications can earn families up to $10,000 in tax incentives.
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DON’T FORGET TO DONATE: If you itemize deductions, charitable donations can lower your taxable income. Donations are tax-deductible up to 50% for most taxpayers. Contributing to charity causes supports significant efforts and reduces your tax burden, increasing your tax refund.
By making the most of these simple yet valuable tips, you can maximize your tax refund and reduce your overall tax costs. Don’t miss this opportunity to make positive changes that can benefit your financial well-being. Prepare for tax season with these helpful strategies and enjoy the potential for a more rewarding return come April.
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