Like every year who live in America IT Returns in 2024 (IT Returns 2024) However, to save more tax and get money back from the US government, taxpayers should know about tax credits.
Tax credits are like discounts that lower the tax bill. Hiring a new accountant who can show you more ways to reduce taxes can also save money.
But remember, tax rules change every year, so be aware of the latest changes and assess beforehand whether they will benefit you or not.
Here are some tips to follow to get the biggest tax refund in 2024 Financial Advisors Let’s find out.
– Tax returns should be checked carefully. Even a small mistake can cost a lot of money.IT Filling Status Affects how much refund you get.
– Married couples can file taxes jointly or separately. Experts say it is better for married couples to file together.If spouse dies, Can file as an eligible widow for two years after their death.
This gives a larger standard deduction than filing single.
– If there are children or other dependents, Child Tax Credit (CTC) It provides $2000 for each child under the age of 17. A similar credit is available for disabled children and elderly parents.
– Consider whether you can save money by itemizing deductions. List all the expenses you can deduct from income, such as medical bills or donations to charities.
– Another way to save money Health Savings Account (HSA)Depositing money in. This is a separate account where you can put money for your medical expenses.
– You until April 15, 2024 Individual Retirement Account (IRA)Money can also be saved by keeping the money in .This will reduce the tax bill for 2023.
The maximum amount that can be put into an IRA depends on age.